Agree on Quicta, traction has been much slower than anticipated....

Agree on Quicta, traction has been much slower than anticipated. The Epicor partnership is still splashed about the website and was initially touted as being the big cornerstone customer. But revenue so far would suggest they (Epicor) either got a superb deal or haven't progressed much with their aged care solution. From memory there had been aspirations of being a profitable business by the end of this year. I would guess they're going to fall atleast ~700k short of that mark this FY. The numbers that impress me are the growth in the ERP business specifically out of Asia it would seem - which would make sense given the hiring spree over the past 12mths.

Still plenty of things that look good and are progressing nicely.

- Unearned income is growing steadily, seemingly solid pipeline of work.
- Job adverts/hiring in Thailand, suggest things seem to be expanding/ ticking along there.
- Creative Quest (Dygiq) have polished up the inhouse comms, social media etc. Looks sharp IMO.
- A few snippets from media posts indicate that Quicta is to be rolled out in the Philippines. Additionally there have been a few Philippines based roles, incl currently a web developer being advertised ( https://www.jcurvesolutions.com/wp-content/uploads/2021/12/Job-Ad-Web-Developer-Quicta.pdf ).
- M&A opportunities are continually mentioned in nearly all releases since Creative Quest last year, I would expect something soon in this space given the amount of time they've had for due diligence.
- Still generating great cashflows and shown fairly solid expense management through covid.

The question is, is the status quo currently enough to sell their story, get people believing the narrative and in turn get the shareprice moving? IMO, unfortunately doesn't look like it, so what will it take? The answer probably lies in M&A, use that cashflow and cash balance to build some scale, broaden product offering, more in-house options? fatter margins, stickier customer base = lower churn further. All achievable, just how long we have to wait


all IMO, DYOR etc...