Ann: 1HFY24 Results Presentation, page-13

The statutory numbers paints a negative NPAT number, but when you look under the covers it's profitable right now.

Take the 1H FY24 results just past. Amortisation costs were $1.8m. $1.05m was the amortisation of IP, contracts and software from previous acquisitions. And $0.75m was for capitalised development costs.

The company only capitalised $0.25m of development costs in the half, so $1.55m of the amortisation costs were related to past acquisitions and historically higher levels of capitalised development. One can make the case that EBIT/PBT/NPAT at the current run-rate of the business are understated by $1.55m.

This is how I see the business. It's profitable and free cashflow positive right now. It's only historic items - acquisitions and higher levels of capex - that are painting statutory NPAT into the red.