Unfair to call it a bad quarter. It's not rocket emoji stuff,...

Unfair to call it a bad quarter. It's not rocket emoji stuff, but it shows a business headed in the right direction

Rental fleet back to March 2020 levels, with much of the sales for this achievement finalised by end of October. November and December were subdued on the sales front but I am not prepared to read too much into such a short period leading into Xmas hols.

Marketing spend on the up, new hires getting to work. Also the NZ reseller launched. All this points to increased units being out the door when we look at this business in 12 months.

No debt and sufficient cash on hand to absorb a few more modestly negative quarters as needed. I am happy to be patient with this, strikes me as a fairly asymmetrical bet at these levels given the recurring revenues already booked. I would be surprised if the current level of sales will be the height of their achievement given the niche market they are attacking.