Ann: FY2018 Preliminary Results - Record Portfolio Growth, page-9

Well, this result exceeded even my optimistic expectations. I was already expecting good growth in the US, but the huge surprise for me was the clear acceleration in Australian ACV. Looking at the last four consecutive half years from the first half of FY17, Australian ACV has been: $2.6M, $3.0M, $3.3M and now $5.5M - wow is all I can say. The Australian market must be really waking up to the benefits of using NEA's services.

IMO, The share market has up to now been pricing NEA shares based on steady but low growth in AU, high growth with great but unproven potential in the US, and potential growth into other regions funded by cash flow from existing markets.

When the market wakes up to the accelerating growth in the established AU market, and also prices in the now proven success in the US, where will that take the share price? [this is not ramp comment as I will not be selling].