While the results were solid they were roughly inline with...

While the results were solid they were roughly inline with expectations. While revenue missed, NPAT & EPS beat.

Reported EPS of 6.72 gives us a PE x 44 which tells me the SP is fully valued for the stage of growth.

I was pleased with the rise in margins but noted the drop in ARPU & retention rates. Will need to see a rise in ARPU over coming reporting periods. Perhaps the disruption to the industry caused by the SMSF regulatory changes played a part. From what I gathered on the earnings call it's going to be a further twelve months to see potential clients businesses over the disruption.