Ann: Half Yearly Report and Accounts, page-4

Marketing margin is all time high at 42%. This expense has doubled since last year. 'Normalised' loss about $2.5m. They are obviously chasing growth and that's the investment thesis. They have enough growth prospects in the US but I believe they will enter other international markets soon within 1 year is my guess. Imagine if they entered China!

Something you like to hear: Cash generative ability is poor for CLB. Would like to see better cash conversion cycle on full year results. And yes they will be raising more capital soon....