Ann: Blackpearl Group Q4 FY25 Results Announcement, page-3

I thought the quarter was very good, certainly a relief. Showed they could still grow fast under more targeted strategy. Churn came back from 9pc to 5pc. It was only 4pc before and may still include some hangover from the strategy change. Obviously churn sucks but I think people don't necessarily understand that it’s a relatively high churn type SAS industry. From memory they used 5pc in their models and you need to try and keep churn in context of customer acquisition costs.

The lower gross margins is certainly understandable and temporary but it’s another small blow to their credibility. They should have foreshadowed that when they talked about the change in data source.

The fact that the new product must have hit or exceeded targets is great. Just have to be patient. They obviously are saving details for a separate announcement. Understandable when their share price is trading like this. ASX listing has potential as well. Doubt it would trade liquid but may bring in some special situation type investors that don’t exist in NZ.