It is really not hard to see why all of the AGM resolutions were...

It is really not hard to see why all of the AGM resolutions were voted down at the AGM.

The company is simply not able to perform seemingly no matter how many new businesses it buys.

Covid has proved to be an absolute bonanza for many in the IT space as people/businesses embrace working from home, but it is at ( what you would think would be) difficult times like these, when you see who operates a really good business.

I have found that the announcements from the really good businesses in tough times, usually go something like this:
"The economy has been tough and we have had to take tough measures so we have only lifted profit by 10%"

The poor performers announcement in the same difficult environment, go something like this:
"The economy has been tough and we have had to take tough measures, so unfortunately due to this tough economy profit has halved"

I have to admit that as well as owning a small holding in RXP I also owned DWS. Both seemingly following a similiar business model of continually buying new businesses to plug the holes in their earnings, but then having to continually write off a big chunk of the purchase price of the acquisition. Thankfully DWS has been taken over but I sit here questioning why I still own RXP.

By contrast I also own a share of two other businesses in the IT space, Dicker Data (DDR) and Data 3 (DTL). Like others, I have trouble working out exactly what RXP actually does, so maybe comparing RXP to say DTL is unfair, but nevertheless I will proceed to do so:

RXP
In the year to 30/6/20 RXP's net profit after tax was actually a Loss of $1,947. Sure there are all sorts of reasons that we should add back this impairment and that supposedly non recurring item, but that is the bottom line figure which was actually a bigger loss than the year before.
DTL
In the year to 30/6/20 DTL's net profit after tax and everything else was actually up 23% on the year before. No impairments, no write-downs
DDR
I know Dicker Data is a different animal in that it sells computer hardware and software, and it operates with a December year end, but when you look at Net Profit for 9 months to 30/9/20 it is up 23%. No impairments, no write-downs

Of course share price performance of these three shares has followed profit performance, RXP share price has gone nowhere, like its profit and DDR and DTL have both dramatically increased, like their profit.

Clearly the IT space has experience an explosion in demand as a result of Covid and the good companies are really cashing in, but my question is: Will RXP ever be able to bring all of its various acquisitions together into one cohesive company that can consistently perform well, or is this culture of mediocre performance set to continue? I suspect I know the answer, but I wish I was wrong.