Ann: JAN FY22 Trading Update, page-8

Nicely summarised, thanks Roy.

Any thoughts as to why Janison Solutions has yr on yr declined in revenue, from $11m in FY20 to $6m in FY22, while Janison Assessments has increased from $2m to $12m in the same timeframe?

I like how out of 36m rev, 25m is ARR, a sticky business model. Good to have some numbers for churn in the AR to show how sticky it is.

PISA growth mentioned at 47%, no numbers though so maybe off a v low base and not material.

I'll be trying to unpack what is organic growth and what is growth through acquisation of the 2 businesses.

Based on the update, 20% growth plus deferred revenue plus a sinking lid on OPEX are all comforting metrics.