Was expecting marketing expenses to ramp up a bit, but employee and IT/compliance costs rose faster than what I expected (40% and 55% respectively half-on-half), so that ate into profitability.
One can argue that it's for good reason given their accelerating terminal adds. But if they can hold employee costs back to a reasonable rate (say 20% pa), then operating leverage will have a chance to really shine through.
CEO presenting on Coffee Microcaps (@cmicrocaps on Twitter) on Thursday morning.
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