Ann: Investor Presentation - Half-Year Results, page-5

They got caught by hiring aggressively 12-18 months ago in the UK to do big 6 implementations, then the UK sector went into a tailspin post pricing caps & Brexit, so GTK fired all the people but only at the end of the reporting period - the most recent half's reporting for GTK will be the nadir as the expenses show (high headcount + redundancy costs), both of which will reverse in the next half.

The bigger issue longer-term, though, is the revenue growth is gone for a while. On the conference call, management point-blank admitted their consumer business is losing share to Kraken/Octopus, which i commented on in the other thread a few weeks ago - Kraken/Octopus doesn't do C&I billing (GTK do both C&I and consumer, Kraken/Octopus is the latter only), but most of GTK's revenue is tied to consumer so they're in a precarious position.

It's a very long way back for them if - as i feel is the case - there's a competitor out there who's simply built a better, cheaper mousetrap.