Thanks Pixie. "this is how I remember - did not have time to...

Thanks Pixie.

"this is how I remember - did not have time to browse through old announements and updates to verify details so happy to be corrected on the issue" - Your recollection doesn't sound like something that would be published in an asx announcement??? I assume that's your opinion on why NAN's expanding their sales team?

For me, the most impressive part of the Dec-14 accounts was not the revenue growth (although 48% on pcp is impressive!!), but the fact that they were able to shrink overheads by 7%, compared to Dec-13: +10% and Jun-14: +40%.

I felt the distributor/partner route, was the best risk adjusted approach to growth, because if the Trophon product is as good as we think, and the addressable market size is correct, then NAN will still make a bucket load despite the loss of a few GM percentage points. The risk NAN faces now is burning profits at the expense of growth, leading to potential future capital raisings and further dilution. I wasn't opposed to the recent cap raising, but if they put their hand out again I'll start to question management's ability.

Dec-14 half year sales were almost the same as the entire year for FY13. Our sales growth is just fine.

Regards
Gralynchett.