I would like to think they are not silly enough to deliberately...

I would like to think they are not silly enough to deliberately promote false profitability figures in their investor presentations as they will loose credibility. You don’t build successful public companies through overtly lying or concealing such obvious information.

The last available financial report is the the “group of companies accounts made up to 31 March 2020’:

https://find-and-update.company-information.service.gov.uk/company/04298247/filing-history

Losses were at 3 million pounds at that point so it appears the company has made a swift turn towards profitability since then, probably fuelled by efforts to scale the business and also the uptake in sales of their monitoring software.

Also, this took me a while to find out, but just incase some of you are like me and not very savvy with accounting principles (especially UK balance sheets), it’s important to note that most of the apparent liabilities the company had at the time of this report are in the form of deferred income/revenue:

https://www.investopedia.com/terms/d/deferredrevenue.asp

With the lack of debt/liabilities when you exclude deferred income (based on this last published report), and assuming the company is now EBITDA positive, this is very encouraging. With the potential of rapid revenue growth that is around the corner with increased synergies, this most likely means that Smoothwall will become increasingly profitable and be able to fund Family Zone’s growth organically without necessarily relying on raising capital in the near future.