Ann: Ensogo delivers record quarter, page-17

I am with you. The spin is there but Ensogo isn't moving and the share price is reflecting.

Q1 was the horror announcement with $5m one off merchant payment and zero revenue growth pcp of $37m.

So now they have finally delivered 12% for the Qtr based on Q4 numbers (11% on Q1). 12% is pretty modest on a supposedly low cost internet business and no guarantee based on previous surprises that it can be maintained.

Staff costs are down 10% on Q1 and 17% on Q4 so I'd give them a tick for that but still 14% of revenue.

Merchant payments are up 6% on Q1 and 27% on Q4 so they are roughly back in line after the Q1 prepayment but 80% of Revenue

Cash at the end of Q1 is $6.35m down from $7.53 at the end of Q1 and $13.96 at the end of Q4.

The spin machine has stopped reporting transaction numbers now so a bit less transparency but let's assume 5% increase in transactions based on Q1 to about 897k. The Rev/Transaction is now $46.50 compared with $44.17 in Q1 so that looks to be a real improvement.

Problem is I can't quite work out how much the fall in $A is responsible.

If 1M PHP in transactions were worth $A25459 at 30/9 and $A27296 at 31/12 then the much vaulted record revenue is growing 7.2% off the fall in the AUD. I know one currency is not comprehensive but it may be representative. If so real growth in rev is more like 4%.

I agree with S209. Pretty average result. Much better than the previous shocker but I don't think we'll be seeing the $0.45 cap raise price anytime soon. Even $0.20 will be a stretch when underlying growth of a internet start up, with all that implies (low cost, exponsential growth etc) is only around 4% in real terms.

Sentiment: Bitter and twisted!