Ann: Investor Presentation, page-62

If Spenda management deliver on what they have promised, better times may be ahead. That said - and I do not mean to be negative - I think there's one thing from this presentation that is worth highlighting, and that is how information selectively reported can be made to tell very different stories. For example, here is how the Investor Presentation presents Spenda's growth, which a) only shows top line growth and b) selectively shows the fourth quarter for each of the last three financial years:



But is the above a fair reflection of the overall business performance? Here is what revenue growth looks like when you consider all quarters, as well as map out the total expenses over the same time:



Again, this is not supposed to be negative - just showing how the same sets of numbers can be made to tell different stories. And these numbers are not opinion, they are facts, straight from the company's own ASX announcements. I suspect the next 1-2 quarters will define this company - which way though, is yet to be seen. I'll check back in three months, for the sake of curiosity. Good luck to holders.