Ann: Half Yearly Report and Accounts, page-7

@japanfresh
Any thought on big increase in corporate deferred revenue? Means that a fair bit of last quarter’s increased cash receipts were from corporate partners and non-recurring.

Still...the overall pattern is promising. The revenue recognition is pretty conservative and will always lag cash receipts. The increase in deferred revenue will start to be a good indicator of forward revenue moving forward. Agree with @japanfresh that fixed costs staying down whilst revenue increasing dramatically bodes well for operating leverage.

By far the most concerning thing was the mention of mergers and acquisitions!? Unless they are so sure they are pulling in the $ they are already thinking about where to deploy the excess cashflow (I think very optimistic)

Let’s see how it plays out. I still think that has a very favourable risk reward ratio and we can see multiples of the share price within 12 month if things go to plan.