Ann: Half Year Results Media Release , page-19

So much room to grow! Software seems world class given new contracts awarded internationally and industry recognition.

The shift towards greater regulation and risk control in US and European financial industries since GFC is a tailwind for Capital Markets division. Management has already positioned the company well in this respect in developing EU FTT solution and already implementing it at a top 10 US investment bank.

Meanwhile Wealth Management product has quickly grown from nothing to 10% of market share in UK. That small share is already worth almost double the revenue of the more mature Australian business. Furthermore, the UK market is expected to quadruple in size by 2020 if the presentation is to believed.

Finally, when you consider the rapidly growing international segments are currently delivering weak profit margins and yet to unlock the significant operating leverage that lies ahead it's hard not to draw the conclusion that this is an exceptional company.