TWO NEW VIDEOS: Macro Themes & Wholesale Investor Presentation, page-10

I would caution people's expectations on how much debt will have been paid down this quarter. The company forecast earlier this year that debt would be paid down by about half (around $8m from memory) in the 12 months to next Feb. If that's the case then it would seem logical that debt reduction this quarter would be about $2m. I think if we see something close to that figure that would be a good sign of progress on debt rediction.

Imo the more important metric will be how the Track integration is going - Track progress imo offers some upside on expectations if Track shows growth compared to last quarter indicating the integration is now bedded down and they're now achieving growth. The other perspective on this is if it is achieving growth given it generates the lion's share of ebitda it has the potential to help pay off more debt than forecast later in the year.

Cheers, Sharks