Ann: Appendix 4E & Annual Report to shareholders, page-7

Like your optimism - you need that to invest into a slow growing startup.

Just a couple of things to consider:

Costs will go up drastically this year given the ramping inflation (obviously wages and travel cost, but as well the ususal maintenance - rent, office costs). Assuming they will be able to keep their outgoings at last years level is planning to fail.

A new and big project for an SAAS means a lot of additional cost: customisation, training, migration). Big customer projects typically require new features, but even if this is not the case - did you see their product demonstration? I'd imagine they will spend more than 50% of their money on customising and adapting their software to the customer project.

Obviously it is still good if they gain new and larger projects, but assuming that they can provide all of above basically for free is planning for failure .

Anyway - optimisim is good, realism is better ;

GLTH.