Ann: Quarterly Update and Appendix 4C, page-9

The key points I'm interested in are positive. Total revenue for the quarter is 1,625. Deferred revenue recognition should account for approximately 900 of that, which would suggest the balance is a combination of organic revenue growth and that derived from the CPT acquisition.

There have been no reported service/consulting contracts, so I assume that the receipts (619) are associated with licence growth. The annual report indicates that total revenue for product licence and implementation revenue in 2021 was 1,469,381. If my understanding is correct, we're off to a reasonable start.

Notwithstanding the positives, the increase in staff costs is material and whilst potentially associated with the acquisition of CPT assets/staff, it needs to be monitored.