Ann: Updated 2020 Full Year Results Investor Presentation, page-3

This is the key slide in the presentation for me.
Australia is a profit centre and still growing (just gone into Perth).
US is the growth engine and now operating EBITDA positive, CM will catch Australia over next 2 years as growth continues.
Europe has been the challenge, but has turned the corner and will start catching up soon, especially with Dinnerly expanding.
EU will exceed Aus scale in 2 years I expect and be its own profit centre.
As Europe grows and turns positive, it will start to offset head office costs, so Aus and US profit goes straight to bottom line.
MMM is a game of scale now, how many customers can we acquire and how quickly can we grow.