The main issue I still have is we don't know how much revenue comes from the Infrastructure side of the JMC group. It's great to see high revenue but how much of this goes out the door to pay for the hardware they used.
The revenue really ramped up after the JMC group acquisition, which was very cheap. This is the canary. The secret will be out at some point.
https://www.jmcgroup.it/en/ict-infrastructure/
Ann: Vection Broker Briefing Investor Presentation, page-44
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