Ann: Quarterly Activities Report and Appendix 4C, page-8

A lot to like here IMO - revenue trending back in the right direction in low vol environment. Pick-up in NIM a lovely high margin recurring revenue stream. Growth in active traders low but retail are fully depressed and paralysed so no surprises there. Like strategic shift to higher margin 'wealth platform', as opposed to low-cost hustler. Marketing rebrand executing well and they have come a long way.

Cash flow positive in sight w/ interest revenue to come, patient growth of customers, and return to more normal trading volumes (might take a while for this to normalise though).