Ann: CEO's AGM Presentation, page-4

I didnt like this update initially but after some calcs it is actually a fair update

1) subscription division has truly stablised and up on the fy17 2h run rate. Yes it is down 20 percent pcp but that is expected. What matters is it stops the decline on the second half. Fy18 1h is 8.7m revenue (5.84m oct ytd divided by 4 months muliplied by 6) vs 8.1m in fy17 2h.

2. Net debt continues to reduce and ofc remains strong albeit not by as much as i would have liked but always forget that q1 is always a soft quarter.

3. Continued q and a growth

4. Investment into crowd media is fine - i think just need show revenue numbers

However i would have liked more info on the crowd media, what they are planning to do with the cash (7m in the bank now)

Also why was net debt 2.8m at end of fy7, ofc 2.1m but we are still at 1.4m net debt? 0.8m spent on capex?

Lastly a bit more explanation on ebitda decrease in subscription would be nice ( even vs 2h fy17)