Ann: Half Year Financial Report and Appendix 4D, page-4

Good growth! Nothing stands out as a negative on a quick glance.

Significant amount of deferred revenue (prepayments sitting as liabilities on the balance sheet) that will flow through and recognised as revenue on the P&L in the next 6-12months.

Always a bit more analysis required for subscription businesses with recurring revenue and prepayments given the cash flows in, sits as deferred revenue as a liability on the balance sheet and is then recognised as revenue on the P&L over time.

Keep up the good work BTH. I think this will go nicely over the next 12 months if they can keep the growth as per their strategy in the presentation.

Happy holder.