Ann: Pushpay 2019 Annual Results Announcement, page-2

Outlook seems a bit muted; revenues up 24-28% (vs 40% last year), processing volume up 10-14% compared to 40% last year and EBITAF increasing ~16-18m compared to 20m last year.

It seems that the bottom line growth is partly coming from margin improvement, but wonder why processing volumes & revenue growth so much below last year (have they captured all the low hanging fruit....the indication was that ~1bn in TAB in the large & medium category, and they should be able to get ~50% of that).

Do these guys have a history o fbeing conservative in their outlook (under promise & over deliver)?

Also, did they give any indication of how the last month or so was progressing?