If we go by the FY23 numbers, PCSIL contributed approximately...

If we go by the FY23 numbers, PCSIL contributed approximately 25% to the groups revenue but was LOSS making with significant overheads and a huge drag on other profitable businesses.

as per FY23 numbers, EML group headcount (not FTE) was 659. lets assume some people work part time and the total FTE count was say 610. Of this, PCSIL had 236 FTEs so in other words it contributed 25% revenue but nearly 40% of the group FTEs were part of PCSIL.

so we should expect significant improvement in operating cash flow moving forward due to a much leaner run business.

Underlying operating cashflow as reported in FY23 was already $30m

This should significantly improve due to:

(1) Full year of high interest rate income
(2) Reduction in 40% FTEs due to PCSIL being wound up and no regulatory remediation cash outflow
(3) $10m planned cost optimisation.

Next catalysts:

(1) Completion of third party assessment for UK remediation which was expected to commence over four months ago in Sept 23.
(2) Sale of Sentenial - EML noted couple of months ago that non binding offers had been received.