Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-15

I understand your thinking. But I’m also mindful that this was the seasonally lowest revenue quarter. They hopefully have enough staff to cope with the work which rushes into the 4th quarter. So they’ve carried that level of staff during their lowest revenue quarter - these people are not part-timers nor casuals - they are full time staff.

So they’ve made a small EBITDA in the 1st quarter whilst carrying all the staff required for the 4th quarter. I reckon that’s good going. If they can increase their margin for the next 3 quarters, when revenues increase quarter after quarter, we could be in for a terrific year.

I’m more interested in knowing if they have enough staff for the 4th quarter to respond to the demand. And what can they do about increasing the margin.

Furthermore, this increasing investment in Daltrey is interesting - could that be their software play that others have been saying is a current deficiency in the product range?