Movements on results day are always about expectations vs...

Movements on results day are always about expectations vs actual. Thank goodness NTO beat prospectus otherwise would have been absolutely hammered. Evidently some traders / investors expected more. In reality COVID _helps_ businesses like this by accelerating digitization.

The challenge for NTO is growing fast enough to build / maintain that market share. Cash receipts were 'only' up 7% cf the prior corresponding period, but the shift to subscription model complicates that substantially (it's likely that total contracts signed was up by more than 7%). I'm most interested in the active user growth rate, probably the best way to measure growth whilst the move to a subscription model takes place.

Now have ~$USD 44m in the bank which they need to deploy effectively to keep growing. If you believe they have what it takes then this is a good buying opportunity. GLTAH