Ann: PPS Investor Presentation - H1 FY2022 Results, page-20

That's not the way the CEO sees it:

"CEO Anthony Wamsteker commented, “The first half of FY2022 saw continued strong growth in revenue, reflecting the ongoing success of our investments in people and technology, including the recent acquisition of Powerwrap. Following another half year in which we significantly expanded the size of our team in order to further improve the underlying proprietary technology and client service levels, we are confident that our strong growth will continue. “We also believe that we are now at a scale threshold at which a significant percentage of revenue will convert to underlying EBITDA, especially since we essentially have a full complement of staff for the first time in the recent past. This achievement should not be underestimated in light of the challenging COVID recruitment market."