On the right track

Main events since 1/6/24 :

1/ Complete change of management team
. 1/6/24 : new chairman, Damian Banks,
. new CFO in April 25,
. new CEO (in June 25). She did not lose time after the appointment, by deciding to give up the US business (main problem of the company) 2 weeks after her appointment.

Damian Banks has probably played a major role.
Since his appointment, 2 directors (there for more than 7+ years left) and he replaced both the CFO and CEO.
He has regularly bought shares on market since June 24 (between 30 c and 48.5 c per share) and now owns 800,000 shares.

2/ Strong H1 25 results
We could see the first results of the new chairman via H1 25 results, which showed a strong improvement of the free cash flow via a large increase of the cash flow from operation (3.2 m$ vs 0.9 m$) and a large reduction of Capex (probably reduced to maintenance Capex) to 0.9 m$ vs 2.7 m$.
The only problem at that time was the results of their US business.

These good H1 25 results were not a one off, as FY 25 results (estimated) are again going in the right direction :
- underlying revenue up 6 % to 7 %,
- underlying EBITDA up 17 % to 21 %,
- and net cash increased by 2.9 m$ for the first 11 month of FY 25.

Going forward, the main question for me is about the normalised level of Capex which may be higher than FY 25.
Anyway, as mainly a franchise business, it is probably not a highly capitalistic business.
The main investment going forward will probably continue to be in software.

Not obvious to understand why the stock has not rebounded more, as it looks cheap and results of this new team are clearly there.
I suspect that it can be partly explained by the fact that Kip Mc Grath (the founder) may continue to sell shares, while he still owns around 10 % of the capital now.