Ann: FY2023 Trading Update, page-13

I think the key is revenue increase. IRI has been in transition over the last a few years. If you look R & D expenses, 2019 & 2020 were at $17M, and then the expenditure has gone up year by year: 2021 $19M, 2022 $22M and 2023 $23M.

I suppose IRI technical aspect of transition has been completed. That means R & D expenses should be down to previous level at around $17M, hopefully.

IRI has got large number of blue chip clients so it should not materially increase sales & marketing expenses.

Therefore as long as the clients can adopt IRI new cloud based products and IRI's revenue goes up, its EBITDA margin will go up as well.