Ann: CEO's AGM Presentation, page-22

The significant number of new telcos u mention is / was the key positive they keep bringing up.

Which begs the question if they hadn't made the acquisition, which provides a hugely wider market, would the Q&A business actually be in decline now? In essence, is the one muted positive really just hiding an overall sunset business?

I wont pretend to know the answer however I'm certainly not positive and clearly the share market has its doubts as well.