Ann: AGM 2015 Key highlights, page-5

I wasn't at the AGM.

However, I'm guessing they are predicting a q-by-q growing 2016 Net Op Income of maybe $105m but there will be $10m extra expenses spread over all 4 quarters (maybe it's lumpy?) for the new brand and promotion, extra marketing salaries etc.

I think Active Clients is about 15% up for the quarter (annualised), agree that on that metric at least no 'blow-the-doors off' growth over the past 4-5 months. A quarter is too short to draw too many conclusions from but the numbers seem to be forming a sort of trend?

IMO, rebranding is probably not a bad idea anyway (retail products need refreshers periodically) and the older brand does look a bit last year.

However that's probably not the key point. It seems like the plan is to focus on marketing more which probably needed to happen given the growth is slowing (probably). But maybe the stakes are higher? The good thing is that it will be funded by excess cash. The risk is that they invest too much and it doesn't generate the expected revenue.

I don't understand the story about margins will grow more than revenue while they are doing all this though. Seems unlikely to me!

I'll change my sentiment to Hold while we wait for more info after H1 is done.

Cheers
pb