The 4C offers very little that wasn't already known, so only...

The 4C offers very little that wasn't already known, so only good for chattering. The quarter suggests the transition into paying customers is progressing steadily. It doesn't give much away regarding what % of agents and private landlords have paid (and thereby giving an idea of a ceiling to earnings with the current take-up). Whatever the case, staff costs are high, but growth of users and revenue continues. Full year report will be worth talking about in detail. Thus far, as with other growth phase companies, the 4C is only broadly helpful at confirming what is already known. Glad to see some revenue growth though. User and member growth is still far more important though.