Gralynchett
The only part of your figures which I think might need adjustment is GM figure of 20%. The difference in cost between a package product and cloud product is monumental. Also scaling off good cloud structure can also improve incremental margins. The story is one of numbers and if they can hit or outperform their numbers it should improve profitability. That in turn offers more run away and that in turn may allow doubling staff again. However a lot riding on USA conversion and it will be March before we see how we are doing. IMHO I do think Xero are going to prove very challenging for the smaller opposition players, haven't seen any broker support of MYOB lately!
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GralynchettThe only part of your figures which I think might...
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