All the key measures are up which is good. Whether that is to peoples high expectations or not, who knows (or cares). The FCF increase shows the power of what a drop in sales and marketing expenditure can do. Only a 10% decrease in that area would have added a lot to FCF. When this business matures growth wise, FCF will continue to grow as sales and marketing becomes less necessary.
Happy enough with progress. If momentum could accelerate in the US, that would be huge. UK is growing well I think.
Ann: Investor Presentation H1 FY21, page-4
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