Ann: Company Update, page-41

I take the more negative view - the announcement didn't blow the lights off for me. I haven't had achance to check but are the Novmeber numbers on the graph inclusive or exclusive of WDA? I would imagine they're exclusive, and with January's inclusive it really isn't 'comparable'. CHerry picking if so.


The lack of australian signups is concerning also - given there are what, 3, or was it 4 BD hires. Prior to the hires the excitement surrounded the momentum in signups on australian wineries, since hiring more and adding to salaries this seems like quite the opposite that largely Australia was largely absent from signups. The whole B2B is a good smokescreen but many who were excited on the basis of winery signups early in the piece seem to have moved onto the B2B upcoming news to justify what seems like a not too rosy picture on the Australian wineries side. Sure it isn't bad, but the stock was priced for momentum and growth continuing, and if the signups continue at January's rate one has to worry if all the low hanging fruit was picked in the last 6 or so months. Hopefully not the case.