Well now that the full accounts are out, it seems almost certain...

Well now that the full accounts are out, it seems almost certain (to me) that two key factors have distorted recent results:

• In both H2 FY16 and H1 FY17 "client disbursements recovered" have constituted an unusually large share of revenues.
• In H2 FY16 registry fee revenues were unusually large with respect to H1 FY16 (usually H2 revenues are substantially lower than H1).

Both these factors have combined to create an overly optimistic picture.