I think it was at the AGM they noted they were stopping with the...

I think it was at the AGM they noted they were stopping with the quarterly reports. A shame really and I hope they continue. It keeps granularity on run rates, keeps news flow and momentum in the SP. Note we effectively had a quarterly report from the AGM preso and we will be able to deduce the Q2 performance by subtracting the Q1 from the AGM from the YTD figures from the half year results. Still seems like a missed opportunity to engage with its shareholder base and the business has been pretty well regarded for its outreach.

I think gross new terminal additions are going well but you have to net off that business closures or inactive terminals as retail trading toughens. Likewise I'm aware last year they had a very large new customer win that added lots of new terminals so some bulkiness in prior year terminals that needs to be cycled.

I just hope management are looking at the macro environment carefully as it is a bit tricky and previous years had some outstanding trading (on a TTV per terminal basis) that likely won't continue going forward and they keep costs well in line. The market wants to see expanding EBITDA and EBIT margins as a % of sales - not static margins - I might add.

The icing on the cake and a pre-requisite to re-accerlate short term SP performance is some tangible progress on the NZ opportunity and some meat on the bones in terms of what it means financially for the business.