Ann: Quarterly Update and Appendix 4C, page-10

The only concern on this report is the bad debts - and yes i am concerned by it as it is higher. Looking at it objectively, management said they would be focusing on bad debts & arrears which appears they are slowly getting there. The arrears are down ~30% but some of those couldn't be recovered which explains the bad debts. I will be very concerned if the arrears and bad debts don't trend down in the next 4C.

Aside from that, the rest of the report is very good and the next 6 months are going to be pivotal particularly for the US & UK expansions.