Ann: MSL Business Update, page-3

2 main elements :
- cash flow from operation of 0.5 m (vs 2 m in Q4 21),
- revenue growth of 40 % yoy (reminder : revenue decreased by 1.6 % in FY 21).
The company mentions 2 elements to explain the revenue growth : acquisition of SwitPos in Nov 20 and revenue doubling in the UK.
In FY 21, UK represented 23 % of total sales. So, I estimate that most of the revenue growth during Q1 21 is explained by UK growth, interesting as it means that Q1 21 growth is mainly organic.

So, the company has now :
- a regular ability to produce positive cash flow (5 quarters in a row),
- and is showing significant organic growth from this quarter, in addition to interesting acquisitions (SwifPos and Order Mate).