Ann: FY18 Business and Market Update, page-4

At last some half decent communication from the management team after 6 months of scraps.

For me the positives here are - The business seems to be stabilising with sales on an upward trajectory, albeit a slow one. Cost reduction and the ability to reduce development spend in maturing products is always a good thing given the cost base and cash position. The re-assessment of the IOT product is long overdue as it seemed to burst onto the scene a couple of years ago as a high margin saviour and then was never heard of in sales terms again until now.

The worries here however are still around the fact that the cost base is considerably higher than revenue which simply isn't growing as fast as it needs to in order to avoid another capital raising bringing further dilution.

I think what management here are hopefully realising is that running a business isnt a case of 'spend it and people will throw money at your product!'. Its a hard slog of managing your costs to deliver a desirable product and then selling it and supporting it with your clients, it simply doesnt happen without damn hard work.

Heres hoping the business and the stock price can claw its way back from where it has found itself to start recording some success and good news back to the market.