I agree - but also I'm not sure this is business is as scaleable as it should be. It seems that costs are rising as quickly as revenue and so profitability is constrained. Not how an "internet" business should operate. In the last presentation I think it said that employee costs rose 20% last year, and also that 50% of operating costs were in non-AUD, which will further increase the reported cost base.
To me (and believe me I've tried!) I can't find a way to justify buying this stock at the current price given :
* rising costs
* resignation of CEO
* uncertainty over banking partners
* uncertainty over changing and more onerous compliance requirements
What would perhaps turn it around for me is a somewhat stunning increase in revenue at this FY results. Until then I will watch and wait.
Ann: OzForex update on banking relationships, page-35
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