Ann: Xref Limited - 2020 Annual Report, page-2

Hm... lots to consider here but just my quick thoughts. Considering the impact of covid lockdowns around the world and hiring freezes, only a 0.2% drop in revenue is pretty darn impressive. In addition, they are continuing to diversify their growth this year an impressive of well recognised landmark clients. This will surely be well rewarded post covid. Additionally, the board is still committed to achieving break even which is very good. The increase in losses this year is a little disappointing chalked by mainly employee expenses, considering they reduced staff, and depreciation of old assets.

Heading into FY21 I still feel optimistic about XF1 and still think its undervalued. Similar to the market crash in March, the brute of uncertainty surrounding covid on businesses has passed and the Board have been adaptive to quickly respond to not only maintain their revenue streams but capture new clients getting ready for the post covid hiring. XF1 is definitely a buy and forget kind of stock at the moment which I’m okay with. Short term, I hope the next quarter will be consistent or improve of reaching BE. If they can get their costs under control as they have shown over the past few financial reports, the profits will roll in.