Ann: Investor Presentation - CYCL Acquisition, page-90

Agreed. LVT has a reliance on sales personnel to continue driving growth. But these costs can be reduced when necessary as easily as they were increased. Same goes for advertising and marketing. We're less than 5 years in and the business is in its growth phase where claiming the early mover advantage and investing for the future is critical. It's better to invest for growth and take market share early as this will build the strongest defensive position that becomes hard to beat. Plenty of great examples out there.

LVT is also focused on growing its partner network. This is important because it will ultimately reduce costs into the future. A strong partner network that delivers LVT products directly to their underlying customers are effectively free sales. This is all strongly enhanced by the Microsoft relationship.

I topped up my holding today.