Ann: Preliminary 1H19 Results, page-11

If there was no mention of 3.5-4x sales growth in the forecast then 2.1x would have been adequate at this point. 

I am still a little surprised by their distribution strategy with Playr - seems they are trying to hold the margin and allocate cost base internally to drive sales and keep margins up, as opposed to giving up some margin through global distribution deals and going for volume.

Perhaps the upcoming reduction in cost base will shift to lower margins and we will see more volume but at a lower yield. (which i would support)

Put playr in every Rebel sport (and global equivalent) at a yield of $150 per unit instead of $235, reduce cost base (Staff, marketing etc) and go for mega volume.