Capital Appreciation, the smart payments specialist that started out as a special purpose acquisition company, recently released full-year results for the end of March 2025 that again presented two distinct narratives.

One might even liken Capital Appreciation’s performance to Charles Dickens’s classic novel A Tale of Two Cities — being a tale of two divisions in the group’s case. The payments division was once again the standout performer, with the software division continuing to underwhelm...

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