Concerns re: costs up and delayed revenue, page-9

The way CL1 groups qrts when plotting its account growth figures implies significant seasonality, however this is clearly not the main driver when the highest and lowest quarters over the past 3 years are both Sept quarters!

I plotted account growth numbers by qrt on a simple timeline (see below).

Can always read charts multiple ways, eg.
a) CL1 adds ~6000 accounts per qrt and last 2 qrts are just low ... or
b) CL1 qrtly account growth is on a long term downtrend and has decreased every qrt for past 3 with account growth going from ~7000 Dec17 qrt to <3,000 Sep18.

However, what is abundantly clear is that the account growth does not display seasonal characteristics (highest qrt Sep, lowest qrt Sep, 2nd highest qrt Jun, 2nd lowest qrt Jun!)

The Sep18 result is very disappointing, hopefully the Dec18 qrt is back near (or above) Dec17 (as CL1 have hinted in their release).