Ann: Quarterly Update & Appendix 4C-MNW.AX, page-3

Volume up, but still a long way from breaking even. Most of the new volume will be from tramada where I suspect the margins are low, thus why the revenues haven't jumped in line with volumes. Assuming they get 10bp clip on volumes, they'll need a billion throughput to get another million revenue. they get monthly fees too and a transaction fee. All up I reckon they may get the same (may be slightly more) from the feed than the clip. So there is a loooong way to go til they break even let alone justify the market cap.