Ann: March 2023 Quarterly Report and Appendix 4C, page-2

I see mention of efficiencies etc, but I'm not seeing it in the numbers yet:

(Right to left. Note the difference between dark blue and orange on RHS, and note the teal on LHS. Expenses have stayed steady at 125% of receipts using a rolling 4 periods.)


(Right to left. No obvious new peak in receipts for the quarter. Hardly keeping up with inflation vs last year. Staff costs are up though, from an acquisition.)


(Right to left. Rolling 4 periods receipts rising from acquisitions etc.)



That is not to say that the efficiencies are not true. Maybe they'll show up over the next 2 quarters. But for years, the situation has not improved - see first chart, with expenses steady at 125% of receipts.