Ann: Annual Report to shareholders, page-2

A pretty decent result and much better gross margin that I expected which they called out in their results announcement:

The 46.3% increase in EBITDA is larger than the 42.1%increase in revenue and reflects ongoing improvementin our gross profit. The gross profit improvement largelyreflects work to reduce our switching and processing feesand the ongoing uptake of our SmartCharge solution andwe expect further improvement as our volumes increase.

I get margin on transactional revenues of ~48% (1-direct cost of sales/transactional income) which is a significant uplift from last year of ~38% and they are flagging a further improvement as sales increases.......pretty impressive