Ann: Appendix 4E Preliminary Final Report, page-4

no issues for me in the numbers.... with such a high gross margin % then that level of employee costs is reasonable. The tipping point to increased profitability will be how much we can grow revenue vs growth in the underlying costs. R&D spend hopefully will start leading to some further recurring revenue. No change in the value of investment held in TSI India but in 2018 that was subject to revalue between prelim & final so could still be upgraded before final report