Ann: Skyfii Quarterly Business Review and Appendix 4C, page-4

Unsurprisingly on reflection, I am not sure whether or not today's update offers any insights to suggest that the business model is more relevant and resilient, or less so.

The retention of customers during the quarter is nice to know (albeit it is easy to retain customers if they don't pay you!), but I'm surprised at the ease with which those customers chose to not pay for SKF's services, notwithstanding the circumstances.

Because my sense was that one of the appeals of SKF's revenue model was that its customer base comprises large enterprises while the cost of SKF's services is limited in the context of the overall cost base of its customers; therefore affordability of the service would never be a real an issue.

Not so, it appears.

So that's the brickbat.

The bouquet is that everything seems to have now normalised, and the growth trajectory is on the pre-Covid path again.

But I have to say that, while this stock has always had elements of "Trust-Us" (as is commonly the case with these sorts of early stage companies), that has gone up a notch in my mind's eye, after today's update.

.