Evening All

Not a quarterly, not an interim result and not a Full Year Result.

The messaging from today's AGM provided some confidence which should counter months of low sentiment. I bought WSP as a Company which should rebound as the impact of Covid restrictions eased. Stayed the course, but a lovely example of how a sustained decline in the share price can gett you overthinking an investment. I had periods of doubt, despite all the analysis of their financials. Whispir have endured headwinds, then seized some opportunities allied to Covid management and now look to re-instate the sales momentum achieved prior to March 2020.

Only difference, the product offering and value propsition is significantly improved ( never sat on their hands during the pandemic). Add to this the fact that the roadmap to renewed success now carries a further whopping R&D spend of $17 + m in FY2022. The trajectory of Revenue excl any R& D grants and the Expenses excluding any R& D spend present a very different picture of this Company's future and likely profitability. Compliment this with the super impressive cohort analysis graph ( see their FY or AGM presentation) and you can start to see the future value. I love the 'land & expand' models as, provided the value prposition is in tact, it becomes the hidden growth engine.

The Company's slogan of ... "Developing a product led growth engine, solving real world problems" has to be tested over time. Their aspirations in North America will be a key indicator going forward. Right now, only doing $1.3 m across 49 customers. The acid test over the next 12 to 18 months.

Even with a slight re-rate today, incredably cheap at anything below $2.80 IMO. I will confidently hold Whispir for 3 to 5 years, only subject to them getting traction in the North American market. This Company is in better shape than many believe. Look forward to the interim results for FY2022.

RobW