@Clio I am in a similar position to you, watching with a small(ish) position.

Yes the upgrade was small, and obviously didn't excite the "market" (down 5% today).

Revisiting my investment thesis: This business is trading at a market cap less than it's annual revenue, with an international division that is growing rapidly and a stable, profitable Au business. None of the above has changed.

Why is it cheap? I think profitability is the most obvious concern. I am keen to look more closely at this when the half yearly accounts come out, but it seems like the true profitability of the business is being obscured due to the investment in new tech and overseas expansion. Plus the company is too small to generate much coverage. There is also a history of value-destruction (poor acquisition, failed expansion) prior to current management taking over in 2020.

Management have set some aggressive targets (to double UK revenue and triple US) in the next couple of years. If they get anywhere near that, this will be a multi-bagger

Not a problem @Clio. Glad it was helpful :)

This is one of those "nearly, nearly" stories. Let's hope 2026 is their breakout year after a few tough years for early investors!