Ann: FY23 Results Investor Presentation, page-37

Agreed, it would be hard getting Tom and Senial guys to swallow that price and maybe they would be advocating that if Kevin can stay around for 18-24 months then he has the ability to re shape the business which he clearly understands and showed

4 items stood out to me:

1. Interest Float was $23.7m for the 2H and this is a lagging indicator as this is the amount over the 6 months when there were increases in all global locations until last month. i.e. full year for FY24 you could say it would be $23.7 x 2 + a bit more = $50m. This would indicate a +$18m uplift YOY

2. The $10m cost outs for FY24 which will offset increased investment in business

3. Sential now growing quickly.... last year it grew at 80% and contributed $12.4m of revenue which was up +$5m YOY. Could it be said that next year this will add +$7m of revenue?

4. The separation of UK business as stand alone. This is to get this business remediated by xmas (about to state third party verification in Sept) and back to growth whilst they hopefully can sell the PCSIL business for its GDV and client list and walk away from having to pay for 236 headcount.

***Still a lot of work to do and risks are everywhere but at least there is small path forward.....

Not for the faint hearted @mrspeculator