This is a highly impressive set of figures coming out for April,...

This is a highly impressive set of figures coming out for April, especially considering the immense disruption they all must be experiencing over there in the States. Few highlights for me:

- April UMS figure - even if this rate was to stay flat for the rest of the quarter it would put them on track for approx. US $180m in UMS for Q2, so something like 50% increase QoQ.

- Active users - again even if the rate stays flat you're looking at around 350K for the quarter, getting them to approx. 1.5m by 30 June.

- Loss indicators and number of disputes - the fact that in this environment these are steady while the company grows strongly is very impressive.

I should note that with the continual addition of new merchants I don't expect the UMS and active user growth rates to flatten, though the April figures do probably have a solid boost in there. We may see something like the Q4/Q1 effect happen in May and June whereby growth is less compared to April, but maybe not. Regardless, very solid progress.