Ann: December 2017 Quarterly Update & Appendix 4C, page-57

Good point PODS, I zeroed in on that too and saw it as a possible negative. On the face of it the report looks great but there is a question in my mind about the recurring nature of the revenue. If they were just operating in Australia, the law of diminishing returns might apply but factor in the USA and the growth trajectory should be maintained for years to come.

The next quarter will be the very interesting one.