XRF putting up some Meh results for the half. Revenue growth has slowed in recent years, but they have been able to improve operating leverage in a pretty nice "bottom left - top right" kind of way. It's a small business, growing without juicing the results with debt or acquisitions. So I'm giving them some time to consolidate and hoping that revenue will start to ratchet up again. I like the razor blade model and that most of their customers are in the "happy to spend money to make money" camp. I think they have the discipline to grow in a profitable way and will give them some time to find more of the market.

Held IRL and SM

Edit - I'm actually not too worried about revenue growth. there is a bit of a reverse chart crime going on, the growth is there, just doesn't look impressive on that chart. Especially when taking into account the discrepancy between 1st half and 2nd half results, with 2nd half tending to do better. Possibly the share price drop coloured my reading of it too.