Ann: Half Yearly Results Commentary, page-6

Great to see the revenue growth is going along well, but I think you've made an excellent observation there regarding product gross margins, and unless I've missed it, disappointing to see there isn't much as far as detailed information on this point. I'll need to re-read it again just to be sure.

R&D expenses are all allocated away from GM on the product, so I wonder if we're moving towards a higher-cost product mix with the newer models/stock, or the effects of the expanded distributor model.

Agree also that public vs private is largely irrelevant for the GM on the product - heck, if anything, in theory a public company could leverage such status for better bargaining power with their own input suppliers, etc. Not that it's really the case here.

Looks like we'll be heading below 30c - can't blame 'market manipulation' in this instance.