Ann: Half Yearly Report and Accounts, page-60

On capture cost amortisation, you may have to examine its history. I think, but I am not 100% sure, that FY20 amortisation included an element of catch-up, because NEA had significantly shortened the amortisation period. In a sense that is what I call time-shifting - NEA picked up expenses in FY20 that actually related to earlier years.

IMO, too much HC emphasis has been placed on lowering the data capture cost, and not enough on other expenses. If you look at the ANZ operation, data capture was only 8% of revenue to deliver a gross profit of a juicy 92%. This suggests to me that the answer is to grow revenue in the USA to increase its gross profit percentage. There may well be other reasons to invest in better camera technology. If it can be done cheaper, then the thrice-a-year frequency could be increased to four times a year, which other companies in the game may struggle to emulate, and which may enhance NEA's offering for niche markets it chooses to target.