Not good looking, page-4

My take this year is they had some currency translation issues in 2H, project delays due to 2 of their large uk clients finalizing acquisitions which delayed implementation revenue. If you look at the recurring license revenue, it's grown at the same rate as historically, but that's driven by implementation income which will lead to lower recurring income growth next year. The aegon acquisition will double their UK platform market share so the next few years implementation income and also license revenue down the track are all but underwritten.

They boosted r&d spend big time to $18m which was a 30-40% increase on pcp. Unlike some other IT companies, like IRI for example, they don't capitalize this. Given track record of the company and also the CEO who co-founded the composer product line, I'm confident of future growth.

Capital has also been allocated away from loss-making international CM which meant 2h loss was -$0.8m which compares very favorably to prior years.

So I bought more today.