Ann: Multi-year contract with Smartgroup, page-7

well said PatEy.

Here is my take from today and future implications:

- incremental GDV of circa $1 billion should add $10 million revenue by year 3. at 80% GP and negligible additional costs (Oz business at scale) means $6-$8 million of ebtda

- Westpac will be now exiting the sector after conceding SIQ hence EML will mop up other small Salary pac providers.

- one more big fish to convert in this sector in QLD government health. I believe that is another 65,000 accounts or maybe $5 million revenue. could be soon...

- EML is showing us that once it enters a sector/vertical they tend to dominate and become market leader. they have done this for Salary Pac and Gaming in Oz, and Shopping mall gift programs globally !!

NOW just imagine they succeed in dominating European and USA gaming in 3-5 years from today..... I'm absolutely terrified imagining that scenario