Ann: Quarterly Activity Report and Appendix 4C, page-7

First of all... If you're a long term holder you will understand that the hockey stick revenue growth doesn't come until regulatory approval is received for our customers via the FAA. The positive is that we at least have a date for that, with the US Government mandating that a FAA decision re BVLOS needs to be made by September this year and regulations another 12-18 months after that.

I think the quarterly is positive given:

1. Recurring revenue is now 32% of gross quarterly revenue;
2. Gross revenue has increased a further 10% for the quarter (and has averaged 13% growth each quarter in the last 12 months)
3. Gross margin is increasing, up to 32% for the quarter.

I'm prepared to hold out for this as with a customer base as broad as we have, its a matter of when, not if, given my comments regarding FAA above.