Ann: FY23 Annual Report, page-11

Looking through the volume of information to the share price drivers....

top line growth needs to accelerate, whilst cost growth - particularly employee opex growth needs to moderate - i.e. we need operating leverage. We're not there yet, but, while Kate danced around what the trajectory of growth would be for Employee opex going forward, the release does indicate that they are sufficiently resourced to 'support a materially larger business'...
So, it's a waiting game - clearly the industry tailwinds are favourable, but the speed with which they will blow is at the mercy of the NHS, in particular.
Some good foundational work has been established, with long-term, extendable contracts, providing 'sticky' revenues which, hopefully will be added to over time, as the benefits of their modular approach and implementation success become evident.