Another lacklustre 4C in terms of organic growth. It is important to look through the impressive y-o-y growth metrics as these include the acquisition of Optima last year.

Looking at BIDs favoured EGR growth metric, Q-o-Q over the last two quarters, was 2.7% and 4.1%. So underlying annual revenue growth at the moment is in the range of 10-20%.

Looking at the cash burn, BID is not yet showing evidence of operating leverage, so it remains on my watch list. Once it looks like it can make money, then it is an interesting business and an impressive early client list and low churn looks good.