Grant a couple of points to consider.Margin infers costs are...

Grant a couple of points to consider.

Margin infers costs are variable - not so in this business - staff costs are largely a fixed cost as is the infrastructure in terms of wholesale deals to others etc. This is how TLS used to make money from the land line rental and monthly charge for call waiting etc after one man flicked a switch once.

Cash burn rate can never be calculated by taking one quarter with large capex and multiplying by 4.

If MD says on track to meet yr 1 targets means for both revenue and profit - miss and he will be hung out to dry at AGM. Presumably current high profile Directors have learnt from HIH / FAI

Hope this is useful.