Ann: Appendix 4E and Annual Financial Report, page-3

Strong indications of eroding margins and increasing costs. There may be still some integration issues to be solved and possibly some synergies to enable cost saving but little has been said about that. Good to see that borrowings are very low and as you say cashflow positive. Profitability needs to be improved here. The Tandem acquisition ran at a $3.3m loss since it was announced in Aug 2021 - would like to have seen more said about that. The purchase was made on the basis of lifting GNP's potential to gain more contracts from Telstra - I wonder how that is going? They have explained the values attached to the other two acquisitions which have been income accretive. Not a bad result but I thought it might have been more profitable than it is.