I think you will find the "other" is in a Term Deposit or the like. The 2.1M is stated as cash according to Australian accounting standards. I think you will find the salary costs will settle down now thier hiring program is more mature (as stated in their prospectus) there was always going to a ramp up in employee costs and that was one of the driving forces behind the IPO. We will hopefully see a drop off in the hiring gradient and correspondingly an increase in sales as the new sales team come up to speed.
Based upon my reading of the numbers the Employee costs are a major cost but will drop in percentage terms of the revenue as the sales increase. If they can do 12% qrtr on qrtr it will be a great year , I agree with others here that they may do even better than that. I don't understand your pessimism and the numbers don't support your conclusions.
TNT Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
