Ann: Quarterly Update and Appendix 4C - June 2023, page-37

Some interesting comments regarding the quarterly report and growth figures ( or lack of ) .

Having held FRX for a few years i have taken a different view on how to read their revenue figures and what it means . One of the greatest considerations in owning this stock is appreciating the significant time delays between signing deals or commencing roll out mastercard with a particular bank and seeing the revenues from that action . Because of this i no longer compare revenue quarter on quarter because the expectation of revenue doesnt match the effort expended . If however you compare a quarter with the corresponding quarter from the previous year you will have a very different view of the revenue trend

Below is revenue from last eight quarters - if you compare each quarter with previous year its not difficult to mount an argument for $5m revenue per quarter in 12 months . Definitely not a stock for the impatient .

$534k
$793k
$1.11m
$1.44m
$1.60m
$2.08m
$2.71m
$2.76m