Ann: March 2023 Quarterly Report and Appendix 4C, page-3

Staff +$400k per quarter, YoY.
Rolling 4 quarters receipts +$1m YoY = +$250k adjusted to be quarterly.

So revenue is lagging behind rising staff expenses.

But it's hard to judge, since staff expenses will rise immediately after an acquisition, while receipts may come in at a different time, or some staff efficiencies could eventuate over time by removing duplication.

But there is the possible scenario that revenue is just not growing well organically, so acquisitions are done to increase revenue, but staff costs are rising faster.

It would be nice if expenses:receipts ratio was heading in the right direction, not just being stuck around 125%.