Ann: Half year results commentary, page-8

I agree with your initial comment re the 10%, however the remaining items should be put in context.
As at 31 December TNT had $1.9M in cash. They should have received $500K yesterday from Family Zone and another $2m in May so on that basis cash is not an issue. In fact they are in almost the same cash position as post float (Feb 2016) with significantly more revenue.
The costs are as predicted in the use of proceeds in the prospectus I.E Sales team, infrastructure and acquisitions. They have opened a new office, the sales team is in place and they carried out an aquisition that they have already moneterised.

The issue here currently is execution of the sales strategy I like you am concerned but it is early days as a previous contributer noted. In fairness we will probably have to wait until the June 30 results are in.
What needs fixing right now is the Investment relations channel to the shareholders so we know the plan and performance measured against it. Nothing is more predictable than revenue from service contracts so they should tell us what that is going forward and the planned sales growth increments on top so that we can judge performance. I simply don't understand why there is no forward guidance.
In short be concerned but not alarmed.