Ann: Investor Presentation, page-4

They are the masters of the understatement.......nice report, no real fanfare, they even thought in the numbers summary to highlight the 28% decline in TEMS Revenue..........now this is classy...I hate being companies that say they win contracts only to wait until the financials come out for it to become clear the contract never got active, fell away, and no news of it was ever mentioned.

Just look a little deeper the most important number here is unearned income.... which sits at 2.2 mill...up nearly a mil.

"Strong growth in the ERP division deferred revenue balance ($1.4m to $2.2m) which will be recognised as projects “Go Live” over the next 3-6 months"

What does this mean ............it hasn't been recognised yet in the financial result......had it been the revenue would have been consolidated revenue would have been over $11 million.....instead, being one of the very early ASX adopters of the AASB 15 accounting standards (page 18).........the numbers are actually much much prettier than its made out...

Churn rate reductions....
highest number of customers ever
30-40% increase in the amount money they are taking off  each customer..........more fore less...bingo
36% increase in the ERP division in terms of revenue................should be higher growth next year.
60% Gross Margin (pre- R+d) on TEMS

So we have this legacy business which is pumping out fantastic gross margins. We have a recurring simple and reliable business growing at 36% (they weren't happy with this number by the way), the y cash in the bank, no debt and management the win CEO of the year and more importantly JCS makes me money while I sleep peacefully.