Ann: Half Yearly Report and Accounts, page-5

TSI doing well is no surprise to me. I am on record as being a fan of their management. It is the hard times that define the quality of your people.

The more I-Pay rolls out, the more touch points, the more e-surveillance replaces manual guards etc, the better it will go. One would think the new machines would be cash recyclers, bringing down cash management costs., as well being smart ATM's, meaning extra I-Pay services would be run on these. Adding more machines, mpos, micro ATM's etc adds to scale, as their infrastructure is designed to hold 4 times what they currently have. The rise in the intercharge (long time coming) has to be very welcomed.

It needs capital to go the next level IMO.

Cheers