Concerns re: costs up and delayed revenue, page-8

I did buy an initial tranche as per above, but got out at open this morning. The slight trading profit that will at least buy me a coffee and lunch after brokerage!

To me the concerns with the announcement today are:

- slowed growth despite the large extra investment in marketing, people and free initial periods
- account growth has mainly come from the Portfolio product (rather than the Class Super product). The Portfolio product provides less revenue per account
- I had thought that CL1 would get to 50%+ market share in the medium term - but now not so sure
- delay in conversions (for whatever reason) gives competitors more time to respond and enhance their offers
- Only ~500 AMP accounts were moved during the month and there are ~8,300 more to be moved

Hence, I'm even more concerned with the higher costs/delayed revenue I highlighted in my initial post, so exited this morning. I still think they're a good business with a great product and a solid future. However, I think they are likely to be better buying after their FY18 results come out.

Others thoughts? Concerns?