Ann: Completion of ALC Group acquisition by Tesserent Academy, page-11

The TNT announcement was somewhat clumsily written; reporting on (a) the completion of acquiring ACL Group - the main theme; (b) TNT's future plans re: Turnover; and (c) back to TNT's comprehensive review of the ACL Group business and how TNT intends to value add to it.

The messaging appears confusing ((a) and (b) above) as both entities - ACL Group and TNT ‐ have boards and this could have been muddied when reading the quote, "Three years ago, when the Company was reporting Turnover of approximately $20m, the Board set a target for Turnover of $200m by 2023. The business is on track to achieve this level of Turnover by June 2023, and is now setting a Phase 2 ambition to reach an annual Turnover run rate of $500m by the end of FY26" (aspirational).

@CountClarke is correct $200M Turnover relates to TNT.