OS growth the key, page-3

Good point.

The tendency when these reports are released is to focus on the accounting detail, the margins and costs, and while interesting, these  are all historical metrics.

If you step back, and consider that over the past 18 months the hype about MBE related to its potential to take a successful Australian business model and scale it up in the much larger overseas markets.

Now, today, we have finally have confirmation that this is working  "International subscriber base and revenues are now 6% of total m-payments and growing"; "M-Payments business now generating growing and sustainable revenues from International markets: Singapore, Switzerland and now the UK."

This may prove to be a turning point in relation to the markets perception of MBE, with more of a willingness to believe the overseas, scale-up model is finally working.

However, I do note that a retail advisory service has come out this evening and among other comments has said "management have been silent on EBITDA and profit guidance for the full year, which begs the question of whether there will be a repeat of this half’s result in which substantial revenue growth was eroded by investment growth and dissipation of leverage in the operating model." That is a fair call, but they also need to acknowledge that a fast growing company investing in its future does not always generate linear profit growth.