Ann: Xref sustains cash flow profitability whilst growing 40%, page-4

"Profit : The strong finish to H1 FY22, together with the more recent rapid recovery from the Christmas period, provides confidence for a promising second half. The Group expects further growth in overseas regions will reduce the impact of seasonality. Xref expects it will be able to maintain it’s achievement of a net profit after tax for FY22 along with cash flow profitability."

Revenue and expenses both $4.2m for the quarter. So net nil P&L this quarter, but every quarter is improving and I see this accelerating from here. The client list continues to grow apace with quality names.

The 4C report is only a cashflow statement and not a P&L account, but they are on the cusp of net profit after tax and seemed to have taken the business to cashflow positive.