Ann: Appendix 4C - quarterly, page-2

For a high growth global technology business (I think that is how they refer to themselves) there's some worrying signs.

The Good - Daylocker, Sing Post, Corporate locker
The Bad - High Salaries!, IXP very slow, Residential locker looks difficult to survive
The Worry - PAD postal lockers for other companies looks largely to have ground to a halt, certainly now talking down expectations (pipeline a little bit of a dream)

I would expect that in the coming month (full year report) they will address some of the cost structure. Hard to see the business surviving too long without it.

They are still two years away from profitability based on pipeline comments.