What to expect from September 4C, page-11

There wasn't $1.6m in non-recurring staff costs in the last 4C. So I don't know if the costs have actually hit yet? If they already have, then you can ignore my comment.

However, if they only made the headcount cuts at the end of Q4, then redundancy payments would likely affect Q1.

The $3.5m is in total annual savings, which only equates to $875k saved per quarter. However if they have to pay out the full $1.6m in redundancy payments in one single quarter, then they would be spending $725k more than the previous quarter as it's all front loaded.

It all depends on whether the redundancy payments have happened yet. And if they all hit in one quarter or not.