Overall great results. Again. Revenue growing in both Europe (20%) and Australia (13%). Operating leverage is kicking in with profit and cash up. To note that part of increase in Europe revenue due to foreign exchange tailwind so removing that, it would probably be closer to 10-15% revenue growth than 20%.

Why are they paying a dividend (7.5 cps)? Answered in call, they are following policy of 40% of net profit and also don't want to build a war chest. I'm comfortable with their level of debt and makes sense not to hold too much cash. 

One negative is that Cybersecurity certification is still not yet complete (they had a breach a few years back).

What's not to love about this business, 90% re-occurring revenue, high margin and >10% top line growth in a great sector. Importantly, they are still investing for growth in both people and technology. 

So, a boring report, no need to dig deeper here imo - continuing to deliver.

Valuation wise, ~8 x ARR, and PE of ~80 so not cheap, but now with the low debt it's in-arguably a quality business.

Things to watch:

•  Acquisitions - they said they are open to acquisition in US and likely to be similarly funded as previously (debt/placement). A bad acquisition has ended many a great business.
•   CEO transition (Shaun after 15 years retiring December 2025)