Positives: - hit their 10k new clients which was quite ambitious...

Positives:
- hit their 10k new clients which was quite ambitious
- 30.7m in revenues in 2H which is pretty significant....1H20 19.3m, 2H20 23.6m, 1H21 24.8m, 2H21 30.7m...exceptional result
- costs growth has been moderate (I can't find any reference to jobkeeper so hopefully costs are already normalised)
- 55.5m (lets say growing at ~20-25%) in with what appears to be sticky revenue at a margin of 19% shows this is more than just an experiment

Negative
- that gross margin of ~27% seems flattered by the derivs gains....1.3m in 1H and I suspect at least that amount in 2H
- the YoY Gross Profit and bottom line is flattered by this derivs gains (last year was -2.3m, this year I suspect its north of +2.5m....so 5m swing to do with Derivs which they don't have any control over)
- no mention of cashflow (&debt)......this is the critical limiting factor on their ongoing growth and no mention in either ASX announcement this morning seems a little 'rampy' to me.....just be upfront!

IMO still and great result and on the derivs, some yrs are going to be bad, this yr is good, but big outstanding question around cashflow will help firm up my view on investing further