Ann: Q1 FY23 Quarterly Activities Report and Appendix 4C, page-28

On reflection, the quarterly was the first sign of evidence that Alcidion is really close to inflection point, despite higher staff cost (which Kate alluded is leveling off now) and VAT payments.

Importantly, Kate responded definitively to a question asked in the webinar that shareholders should expect operating leverage beyond FY23. A larger/growing proportion of revenue would flow on through to the bottom line profit.

Latest news from UK also suggests the following:

• Health funding would not be cut but NHS expected to find efficiencies. In short, NHS and social care would still get the £13 billion uplift, which was supposed to have been funded by the National Insurance rise brought in by Boris Johnson.
• There would be a programme of reform for underperforming trusts. Expect digitalisation to be a part of this
• NHS bosses are seeking up to £7 billion in extra funding due to excessive demand for services and to plug the budget hole caused by inflation.