If you understand the SAP and Oracle businesses and that of the...

If you understand the SAP and Oracle businesses and that of the ASG group (ASZ) in the more
traditional IT space - it is not difficult to envisage a BPF now heading into the larger businesses/enterprise space , in a couple of years it will have the skill sets of ASZ + the recurring revenue from their fast growing public and private cloud managed/hosting services. Possibly half their revenue could be recurring in excess of 5+ years + the the half from sticky trusted partner design/consulting/implementation/support services.

The traditional IT dept in much larger businesses/enterprise is history -
guys like BPF are taking their place. The commodity small biz end will be serviced by the
much smaller capital-constrained unlisted guys.

Your issue with buying capacity up front - that is now for one year instead of 3 years.
The impact is a minor cash flow issue on my calcs - best to look at the adjusted Underlying profit.