Ann: CAT Signs Deal with NRL, page-26

SteinHills makes a good point - some of those teams were benchmark clients and the client markets tend to follow what is happening currently.

But I believe there are other very valid reasons equally of importance as to why the stock has fallen 70% in the past few years.

Whilst Catapult has posted increasing revenues year on year - it has also increased its losses year on year - none more so in the period since they reached $4 - with no signs to date of a reversal of the trend. In the meantime they have raised further capital due to the fact that the XOS purchase did not achieve overall group profitability as predicted. Making claims for 300 new clients in a HY is meaningless if they are mostly low end & some capital sales - as the model is very clearly aimed at high end annual recurring revenue sales.

Another reason is that the marketing of the new products seem to have come to little. Several years ago everything was about the potential for T6 / Clearsky - it is now virtually never mentioned and no users now appear on the website. The claim of massive upside with only 12% market penetration to date [ claiming 88% upside potential] is absolute folly as there are many companies all taking parts of this market. Portraying the NRL scenario, which is non binding on clubs as any form of major uplift in sales is disingenuous, as they have had all these clients for years, and this may have no impact on achieving profitability - which is all shareholders are looking for before more capital is potentially required.

The previous raising of capital to increase Playr marketing, sales force & specifically penetration into the worlds soccer markets seems to have come to very little so far - and the loss of our own FFA to Statsports [who now seem to have most of the top brands in soccer] indicates that this may be a hard road to follow. Then PLAYR disappoints and Vector [an unknown quantity to date] & Vision suddenly become flavors of the month.

Shareholders have been expecting more good announcements - and receiving mainly Playertek sales announcements to non elite level clients and rehashing old sales even if they are small upgrades in a new light is not what shareholders are hoping for. Building a stack may seem like a road to dominance, but unless the stack is best in show it is a potential catalyst for spreading oneself too thin.

Then there's the loss of the third CFO & the much heralded CEO [which saw the stock drop below A$0.70] and which put the founders back in charge. When Executive Directors [part] cash in prior to profitability and the company having another CR - all whilst the share price is falling - shareholders get nervous.