Ann: H1 FY21 Financial Results Commentary, page-12

The 4D is just a summary of what we already knew from the last two 4C statements. Nothing new in there.

I'm not seeing any significantly more "spend".



Looks to me that Gerard has reigned in Admin spend and reduced the Property costs by moving to a cheaper (but better) premise.

Given the extra sales staff he's added, the increase in Employee costs looks very small. I'd say he's actually cut some costs here while beefing up the sales team (hence now getting "highest ever" contracts etc. Sounds good to me.

A raise would be 4 quarters away IF things don't improve. January & February are demonstrating they already are improving.

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