"Comparing revenue to MC is a pointless exercise if costs are...

"Comparing revenue to MC is a pointless exercise if costs are not under control"

Firstly, the point that costs are not under control are false. Read the last few announcements where they have outlines their cost cutting plan. There's some good articles on Google about it too.

Secondly, for any IT commerce business the name of the game is scalability, and so hence why size of revenue is extremely relevant, because there comes a point of inflection for every on-line business where gross profit starts to flow through to the bottom line, so of course it makes a big difference if revenue is in hundreds thousands or in hundreds of millions.......

Costs are virtually fixed, revenue is growing at impressive pace, do the sums!

And, in regards to the working capital, all it means is that they have favourable terms of trade in place. I see nothing wrong with this for a company that's growing revenue at fast pace and a stable /reducing cost base. If you can push out having to draw down on cash as far as possible that's a good thing, especially when cash generation is improving every quarter.

In summary I'd say Ensogo is for the investor with a future focus, not someone who's going to look at a half yearly where the company's gone through drastic change through acqusitions and cost cutting and base their investment decision based on that!

Today it looked for a while like we were going to break through into the 20's, I'm glad I didn't buy when I was so tempted to, but now the price is back to levels I've been happy to top up at for a while, will be extremely surprised if we see the 12 cents someone has mentioned.