Actually, it doesn't need to increase revenue very much to get margin back.
Let's say, revenue up by $5m. If my assumption is correct, R & D expenses down by $5m. So EBITDA will be up by $10m to $22m. Revenue is 69.8+5=75
EBITDA margin=22/75=29% which is nearly 30%.
If revenue is up by $10m, the EBITDA margin will reach 34%.
So again, the key is revenue increase, and it only needs to increase modestly.
Ann: FY2023 Trading Update, page-16
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