Smoke, Mirrors and Half Yearly, page-9

None of this discussion has got it quite right.

ASR stands for Annual Service Revenue.
note the words “Annual” and “Revenue”
its the main KPI of the business.

And it’s presented and discussed as if it’s the current revenues run rate of the of the business.

But in the fine print that barely anyone reads is a shock.

It’s not current revenue at all, — it includes “expected” revenue in the future.

So for example the C&W “deal” which was reported signed 2 months ago and is mysteriously not yet near starting implemention is INCLUDED  even though there’s no actual revenue yet.  And other deals similar.

Now if you think that’s OK, I have a briddge to sell you.

KPI inflation is putting it too polite.