Having a deeper look at the 1H financials. The segment financial...

Having a deeper look at the 1H financials. The segment financial performance is pretty interesting.

• Australia revenue $813k (previously $1.1m) - suspect this is the "old business" - i.e. the pre COVID business that focuses on overseas travellers. The impact on this business is pretty clear. Hopefully this can hang-on and grow as travel returns
• China revenue $1.25m (previously $461k) - this is the new business. Growth of nearly 3x at the top line in the past 6 months.

The other way to look at this is through "product & platform sales" - i.e. commissions, which grew from $184k to $745k.

I was thinking about this in the context of the $2.5m revenue forecast for next quarter. If that's the case, given we aren't likely to see much growth (I don't think) in the AU segment, so this growth is all coming from China. Considering first half revenue is $1.25m, $2.5m in Q3 is a pretty massive indication of the growth for that side of the business.

On the question of how important sales commissions are, if "Product & Platform sales" grew by $561k, and total China revenue grew by $789k - I'd say that the sales clip is a very significant part of the contract revenue. I hope RLG report more detailed data on underlying tmall store sales numbers as we progress.