Ann: Half year results commentary, page-9

Ceejay1 - I commend you on the first rational piece of commentary I've seen on this thread. The truth is is that this group have had less than a year to execute on their strategy since IPO. Agreed, 9% revenue growth is a signal that perhaps uptake may be a little slow from new customers. However, this can also be viewed in 2 different ways.

(1) If delivered well, this has the potential to become a sticky product - I'd be interested to see some figures on customer retention rates over the next 1-2 years. Don't underestimate the potential for compounding growth in this instance.

(2) As in any product launch, SW or otherwise, initial sales are volatile. I would treat 9% revenue growth with the same caution as I would 100% in that it is a single data point in a volatile period. I am more or less interested in the underlying upward trajectory and that to me what I take comfort in for the time being.

Yes staff and admin costs are high, but let's not forget these should remains relatively fixed for the time being and may not need to grow significantly with a larger increase in revenue.