Ann: Quarterly Report, page-42

It deserves a 3-3.5c SP on the current business, if not slightly more, IMO.

However, the neutral bottom line gamble has kept things at bay. I would hazard a guess the next report will reflect similar - some gross profit growth, more growth spend. What I would hope to see, is a somewhat itemised account of where the money has been spent and how the strategy has evolved? I would certainly hope we're not sitting here spinning the wheels not making much ground.

I understand these are incredibly long sales cycles, offering no guarantees and they are likely very slippery as competitor's CSMs put on their retention game - I believe this is all the more reason the growth spend and reward to investors needs to be a little bit more balanced. I'm not saying growth spend needs to cease, just capped - The board need to invest a little back into it's investors, stock would end up very tightly held.