Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-3

Agreed. DEM is now well positioned financially, in a growth industry, with ESG tailwinds, competent management with a proven track record of successfully acquiring businesses in a highly fragmented industry ripe for consolidation. Significant upside potential from growth offshore. In this highly uncertain economic environment, companies delivering visibility of earnings through a high % of recurring revenues will be rewarded. The valuation gap between large caps and small caps looks like it will also drive a rerating of the latter. Plenty of tailwinds there.