My analysis suggests ERP revenue should come in at about $4M for...

My analysis suggests ERP revenue should come in at about $4M for the half-year plus ~$1.2M from TEMS. Gross half year revenue of $5-$5.5M for H1, setting us up nicely to hit guidance with a strong H2.

The key with Spectrum will be to keep fixed costs stable from the current baseline fixed costs in Singapore. We already lease a floor in Singapore, 2 minutes walk away from the old Spectrum office. We've taken on a new GM, probably adding ~$300-350k in extra fixed costs compared to the status quo. My understanding is that Spectrum was operating about cashflow neutral in FY17 and looking at strong growth in FY18. If that's the case, a little kickup in H2 cashflow would be a reasonable expectation.

FY20 revenue target should be minimum $20M imo. The platform is set for growth; the next 18 months is when it all starts to come together.