It’s interesting the margin pressure issue – were reduced...

It’s interesting the margin pressure issue – were reduced margins provided only to new clients or were they also given to existing clients.
If it was also to existing clients – why? - were they not contracted at given sales rates and locked in to those rates.

If say we had sales of $5m at 29% margin for existing clients during Jan-Mar and sales to new clients of $2m at say 20% then the average would be 26.4% - that’s not a huge drop, but I guess Dirk felt compelled to note it. Even at a 15% margin to new clients the average would only fall to 25%.

But then again perhaps the discounting was applied to existing clients too or new sales actually made up a far bigger chunk than we thought – but I also note that Dirk said it was to only some PCM products. Also there was no note of it being to the FR product side of the business