Run up since December, page-71

It depends how you invest.For an institution it is the full picture including gross profit and costs.You could have heaps of sales but not make any money.In AJX case it is a progression as you have extra costs to gain clients.The last financial reports where they had around $1 million sales and no margins is understandable.Fast forward to getting say $12 million sales you could probably say 20-25% margin acceptable giving a less than $3 million loss for the half .Say $12 million x 25% = $3 million gross profit take off $5million in fixed costs = $2 million loss.