Ann: 2017 AGM Presentation, page-3

To me they are over the technology spend hump and the main focus is on s&m. A lot of the contracts are back ended to convince companies to switch to them which then creates a sticky revenue stream with little additional costs. Also the spend on a new customer is proprotionally a lot higher than for an established customer due to training.

To me it looks like their maxing their investment into gaining market share at present. The new team from oracle would be expensive and take a while to get traction. I expect the h1 results to be a little disappointing to the market for the wrong reasons and those with foresight should get another chance to top up at lower prices. At least that's what I'm hoping.