The record 1Q20 performance is due to more than just favourable market conditions. It also reflects the benefits of the group’s best-in-class platform, which continues to deliver despite lower leverage limits. Its scalable technology and agile marketing algorithms has enabled it to add 83k new users during the period, at less than half our forecasted AUAC. This dynamic, combined with the quality of these users, sees us upgrade FY20 PBT by 26% and positions the group to continue to deliver profit ....