Ann: Quarterly Business Update for Q4 FY23, page-2

Well, for all the wailing and gnashing of teeth about the new big whale that has entered the ocean, is is evident that there is still plenty of food for all the minnows, such as DSE.

Not just in this result itself, but also in the leading indicator of future results, namely the degree of investment in the business which continues apace, matching the rate of ARR [*] growth.

And I certainly don't think its a case of a naive and/or desperate management team throwing good money after bad.. Instead, I think the people running this company are pretty smart and prudent stewards of shareholder funds (a decent chunk of which is their own), and so their continued heavy foot on the pedal tells me that they have favourable visibility when it comes to the actions and behaviour of DSE client base, both existing and prospective.

The ongoing aggressive level of investment in the business portends well for continued rapid growth at the Revenue and Gross Profit lines.


[*] While often ARR numbers put out by managers of companies are flaky, in DSE's case ARR figures put out at any point in time have reconciled very closely with top-line Revenues and Receipts reported in ensuing financial periods, so the ARR quality in this case is very good.