It's a tough one. Not sure giving forecasts when they are so...

It's a tough one. Not sure giving forecasts when they are so hard to be sure of in such an industry is wise. Can understand why they have this time. They need to start to over deliver rather than over promise.

My take:

It's growing fast. Pretty much in line revenue wise

A business like this does need to invest in itself. This is more than reasonable, it is essential. This has been expensed in the second half which has caused the margin compression. IMO that is explainable. What they perhaps should have said is how much investment they undertook. Wont know until the year end in Feb when hopefully they will reveal this. I think they have also purchased some currently lower margin revenue streams which will take some time to turn around.

As for the forecast - depends on the eye of the beholder, half full or half empty and lots of other cliches. Given their path to date i.e. track record they more than deserve the benefit of the doubt.

I'm a little bit surprised by the current share price given the growth profile. It's never been given anything like the benefit of the doubt. I suspect there are liquidity issues at play holding it back. First there was too little now there is too much!