Ann: Appendix 4E and Annual Report to Shareholders, page-14

Not sure transaction costs associated with acquisitions played a big role in expenses in FY22. They only did 1 acquisition, Withnalls, for 990k. Looking at the P&L, nothing jumps out at me as being significant one off costs (I could be wrong). It looks like straight up increases in ordinary operating expenses across the board (e.g. employee expenses their biggest expense, up 71% versus revenue up 68%.)

The use of an adjusted EBITDA figure for director bonuses irks me a little. Given they their depreciation expense includes things like office rent and website expenses- would have thought that it does not represent a real picture of the financial performance of the company. And given their $10m debt facility, looks like they'll be ignoring another big expense in the future - interest expense. If they were writing down goodwill, that's a different story - that's a legitimate non-cash expense in my eyes - but there's been none of that at all.