Ann: Appendix 4E and Full Year Statutory Accounts, page-2

Still steady progress. Cash flow is going fine - once the final deferred consideration is paid in FY25 then cash shouldn’t be a problem. A small increase in revenue will see a positive npat. R&D allowance is a big help of course but that’s its purpose.

the payroll tax liability is annoying - presumably some sort of sloppiness by Seisma in not allowing for payroll tax on contractors or something like that.

I note they have won 2 contracts since the start of the FY, so that’s good - small ones probably since there has been no separate announcement.

Back in the bottom drawer until the quarterly.