Management made an investment in the business to help it grow...

Management made an investment in the business to help it grow last year (so opex grew at a faster rate than revenue) which may have scared some people away. A lot of this opex growth are fixed costs (e.g. additional staffing).

The results of that investment are now starting to appear in top line growth with more of it falling to the bottom line through the wonders of operating leverage and network effects.

Business was a bargain this time last year.