First things that I noted are the big jump in marketing spend (like huge) on the P&L and also the big jump in ‘other assets’ in the BL…. I gather some of that relates to the future advertising space they got from the Seven Media dilution event (it’s only a cap raise if we get money for it and ‘vast’ majority of that deal related to RAIZ getting ad space on channel 7)… at least the dilution happened at around $1.80 mark
Another item of note which I have now witnessed in several IT companies on the ASX is the consistent shareholder dilution which occurs via (non director) general employee share related incentive schemes…. I like the idea of incentivizing and ‘retaining’ staff but the Raiz costs for this appear quite high compared to the very low employee base, which I believe was still well below 50 (at last report).
Business is steady, but nothing to shout about in this report…. So after plenty of glowing kudos for Brendan and George in the past I give these results a bit of a meh….
Hoping for some progress to be reported soon on the Thai expansion as SEA is where I want the company to remain focused.
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