Ann: 2023 AGM Company Update Presentation, page-14

Agree, it is horse and cart. They have first to establish the base of a stable operation making profits with the right structure and culture. It has to be capable of like for like organic growth. This is one part of turning into a growth stock again. I think that this could be shown in the full year to June 24 and the market may then be confident enough for them to start making acquisitions, small bolt on to start with. If they are structured to be immediately earnings enhancing that will build confidence and help re-rate the shares.