Ann: Company Presentation, page-4

As I pointed out above this presentation effectively suggests revenue will halve in the current quarter. We would be getting the full impact in this quarter of the stadium contract and of the various contracts announced in the first half as shown on page 7. Only the Vicinity contract would not be delivering fully in the current quarter. I can only hope the guidance of $18-19 million is a mistake.

One potential problem will be the rise in the minimum wage of 3.5%. If contracts are adjusted with a lag or by the CPI then the profit margin will be squeezed.