GBT 0.26% $3.83 gbst holdings limited

Just on that comment about international margins. The Aus...

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    Just on that comment about international margins.
    The Aus business is essentially much more mature and due to the business model - revenues are annuity like subscriptions, hence the good operating margins. The international businesses which are still young and expanding are earning a smaller portion of their revenues as the subscriptions and more as establishment and implementation revenue. Overtime if the business is successful they will increase their recurring revenue % for the international businesses.
 
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