Half Year Results, page-5

Hi neoteric
I am one of the short-sighted that sold out recently....
IMO ... the recent half yearly is very disappointing. Revenue might appear to be increasing steadily, but is it a good return when the company has continually invested heavily in R&D over many years ... i recall previous market updates sprouting 25% of rev back into R&D?? I would have expected higher revenues in return. From 33.3m in 2005 to 47.9 in 2014 is hardly fantastic given the amount poured into R&D.
The full year results will be most interesting. If they don't pull their finger out revenue could slip back to levels that (with the exception of FY2014) align with FY2009 through FY2013.
Don't get me wrong, the share price has done very well and medium term holders have done well over the past 2 years ..... but on the back of consistent mediocure results this surely has risk of a big correction.
My other concern is that the company has not indicated the breakdown of new sales revenue versus revenue from the existing client base. They are normally on the front foot when talking about new clients (even via ASX announcements) ... but this seems to have gone a little quiet.
Sorry for the negativity …. But facts are facts. Happy to be proven wrong. Happy to buy back in sub 80c.