Ann: 2023 Half Year Results Presentation, page-6

Finally got back to this. Very interesting way to swing this:

Loss 4.6m
- Depreciation 4m
- Impairment of Goodwill 1.6m

It was a narrative somewhere that forex was helping them, but they are getting smashed by it in these results. 3.9m exchange difference, but then 5.8m loss on revaluation.

- Employment expenses down pretty significantly, obviously we know the EBITDA is positive yada yada.

So it wouldn't take much of an uplift in business, or the 'iris' business to work for them to turn a pretty significant corner.

The curious line item is the Interest expense of 703k that has popped up. Ironically like a lot of other companies who have some cash, they will be getting some good interest in their term deposits now - but I can't find anywhere that this 700k interest expense comes from - they have very little borrowings.

Their receivables are also a lot higher than last year, and they don't have a stated provision for DD, potential there for them to not have written off some bad debts to keep revenue strong - a pretty common tactic, but not likely to be a big difference.