Ann: Reckon Sells APMG Business for $100m, page-23

The problem with your analysis though is you’re basing your data off the previous licenses, Novatti only recently integrated their principal acquiring licenses in October, hence the better EBIT and higher revenue growth.

The only way you’ll be able to have a better claim is when you see a full 12 months of the acquirer platform generating the revenue and EBIT which fully launches in June.

With the sheer amount of TTV and the higher gross % per transaction almost triple now, it’s hard to deny that cash positive is strongly possible based off the visa acquiring license alone.

The revenue growth % and EBIT % is already significantly higher due to the % almost tripling in most cases.