Ann: TNE FY23 Results Presentation, page-21

I think there are a number of valid points, but the brokers in their commentary are questioning where the growth will come from. There is no doubt this company is profitable and will continue to be very profitable based on the SAAS revenue they receive, low churn of customers, etc, but where will the growth come from based on the very profitable move for all customers to their SAAS products with significant revenue uplift in that model. The lack of new customers at volume is a question mark for me? geographic expansion seems really slow, and cost a lot for a number of years. The best alternative is acquisitions and they have mentioned that they are working through these. It is at a very interesting time for TNE and with Adrian Di Marco not involved anymore, it will test the board and exec team.