The 'Outlook' section of the half yearly says it all.
Groups are selecting vendors other than Corum or developing their own software instead. Doesn't sound like the company has much of a moat left to me.
The Ecommerce part of the business is even more stale, it doesn't even get a mention except that trends remain unchanged. You mean, we should expect more revenue declines and no innovation from the company even in a growing industry?
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