Ann: Business and Guidance Update, page-17

Hi Andrew,
I hope that this call will be as successful as your previous calls on Camplify and Pure Profile.

At this stage, I think that it is a tougher call.
For at least 2 reasons :
- unlike the previous two companies, PayGroup has been relying more on acquisitions (but it seems that they have now decided to do a pause with acquisitions, which is probably a step in the right direction),
- PayGroup has still a negative free cash flow at this stage.

Just initial thoughts as I need to do more work on this company and the sector (human capital software is a tough segment in term of stock picking).