Ann: Half Yearly Report and Accounts, page-9

To achieve a 150% increase in ARR and recorded revenue (annualised to 9.5mil/pa) is quite an achievement. As you would know, most SaaS recorded revenues and cash receipts lag significantly the reported ARR. This is because of the extra hardware sales, which in my view is not even being priced in by the market. 




To manage this increase with S&m and G&a doing this is quite something.



the sales headcount has increased from 3 to 16 over the last 18 months. 
Employee entitlements will of course increase due to the incentive structure of sales. I'd much prefer an incentive structure rather than just a wage for those employees.
But think about it, employee entitlements have increased by 1 mil, and G&a and S&m have stayed stable, while revenue has increased by 3 mil.
Thats leverage/low marginal costs/scale in action and is exactly what I wanted to see. 

I thought the report was excellent and articulated things such as the odotech customer migration perfectly as we had previously talked about (turns out 1.35 of the 5mil ARR is from odotech customers), when I was previously conservatively assuming 50%, so good news again.

So even with the recent share price appreciation the company Price to sales is less than 4x, and the price to recurring revenue is ~ 7x. If they pull off the increase in ARR to 12 mil within the next 18 months I'd imagine the market cap to be over 100mil (share price of 30c with price to recurring revenue still below 10x), just as insto's start getting interested. 
This report clearly demonstrates there ability to scale which is exactly what we need to see at this stage.