They most definitely did have new clients in Thailand, Vietnam,...

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    They most definitely did have new clients in Thailand, Vietnam, Japan and Singapore - see CEO speech AGM 24.11.20 (pages 2-3). I don't know how much revenue these new clients brought, however.

    I had bought a c3% position over the last month with the intention of buying more after a set of audited financials, although that seems less likely now.

    If you do find some jobkeeper money that is news to me, as they reported very little other income in their disaggregated revenue in the last two sets of accounts. There was a reduced employee expenses in FY20 but less so in HY21 (although it is certainly possible that they offset jobkeeper against employee costs which were needed to support that increased revenue).

    The reason I invested, however, was the revenue growth- they are 4x as large a business in 2021 by revenue as they were in 2017 and that revenue has come with a substantially increased gross margin and is far more resilient and diversified. The fact they are still hiring new roles (a significant number in the last few months), as well as expanding internationally, somewhat suggests to me that this is not passing growth, however, I could be wrong. Obviously there are a few related party transactions to work through.
 
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