excellent quarterly, page-6

It is difficult to know whether HYO has recorded the Telstra/Foxtel assignment as revenue, given it was announced in October. But, I would expect that a large proportion of the setup charges would have been recognised (but may have been totally received in cash).

I would expect that the Telstra/Foxtel assignment would have a significant ongoing revenue stream.

For a professional services business, you ultimately need to hire people before you need them, so whilst HYO is growing, it will have more people than it needs. This is because it takes people a little time to settle in.

HYO have indicated that the year forecast remains, which means you would expect at this stage they should achieve it. Growth in EBITDA has been significant each quarter.

I hold HYO.

Regards
Marvin