You could have a point but if you take away the profit attributable to the fall in revenue from the fall in operating profit you are left with 36m. Now that does not reconcile with what is suspected to be happening at LN. i.e. they are not investing an additional 36m in the "development of the next generation of legal products" and people are leaving either voluntarily or involuntarily. The point about cost cutting to maximise short term profit however is a good one. To expand on that a little further, you remove the people who provide the indirect service value and your short term profits are steady on falling non recurring headline revenue (product licences). However then what happens over the medium term is that the range of services offered to your client base shrinks and the perceived value of your remaining services is impaired and your recurring maintenance contract revenue starts to walk.