Well now that the full accounts are out, it seems almost certain (to me) that two key factors have distorted recent results:
Both these factors have combined to create an overly optimistic picture.
- In both H2 FY16 and H1 FY17 "client disbursements recovered" have constituted an unusually large share of revenues.
- In H2 FY16 registry fee revenues were unusually large with respect to H1 FY16 (usually H2 revenues are substantially lower than H1).
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