My thinking too. We can only really compare December and...

My thinking too. We can only really compare December and January.

Pros

• The drop in orders/shipped was far less than I anticipated.
• Happy to see more success in NZ
• 10% clip versus an industry standard of 35%. That is a seriously, seriously compelling offer. Just to be clear - that's essentially 25% of industry standard clipping fees back in the pocket the supplier that the supplier will pass on (or share) as a saving to the end user. Where does the margin end up? At the restaurant. Where does demand for the WineDepot B2B platform come from? The restaurant. Brilliant. Really cannot stress this enough.

Cons

• Bit concerned about the lack of Aus sign ups. Do we have a sales performance issue here or something cultural? Would like more information but none was offered.

Overall I'd say I'm impressed by this update. I expect this to keep the SP trading in a similar range to what we've seen the past month, perhaps a trend south with option conversion coming up. B2B on the horizon. A 4.0-4.5 entry is perfect IMO (and will not hang around long).