Ann: Appendix 4C - quarterly, page-6

They've set up a new office in the UK, that will be a substantial part of the overheads.

The Q4 sales were so bad they didn't even disclose a number. The FY accounts are going to look pretty abysmal after making a small profit last year.

This company has always been about whether they can build sustainable, repeatable sales volumes. To do that you need to invest in overheads etc to build partnerships & sign agreements which is what they've done.

So glad they ditched the attempt break into the retail market which was always going to be beyond their resources.

They need the deals they've signed so far & the ones to come to start delivering this year otherwise I fear that the product they have just doesn't have a sustainable market.

Worth giving the company another 12 months & holding on, even if you want to get out it's likely to spike up again on another substantial deal so no clear reason to sell now.