SecurEnvoy and Brookcourt cost SWG £50m during 2017/2018. One might argue that they overpaid for these acquisitions, but when set against the now £11.5m m/cap there's an evident disparity.

That's up a very respectable 17% from March'22's 10.3p EPS. I note that SWG achieved 7.6p EPS to March'20, so 12p EPS would be almost 60% up in 3 years, despite the pandemic and software transition.