Ann: Appendix 4C - quarterly, page-57

Yup, big outgoings = big activity. Stated gross margin of 40%. Recurring revenue growing rapidly. Stated cashflow neutral mid year.

Only logical conclusion is rapidly increasing revenue and business in the next few quarters. Costs and income converging and given the rate of change, to be followed by substantial free cash flow generation on low levels of debt.

I flagged that this quarter wouldn't provide clarity but everything is heading in the right direction - no denying that revenue is growing far faster than costs.