Ann: FY21 Results Announcement, page-5

Thanks Tattiebinger
That slide was a little confusing and I'm sceptical of most companies use of the term 'recurring revenue'.....especially since when I look at MSL it seems that number has been at ~17-18m since FY2019 even with all of these contracts signed (perhaps most of the new contracts are not reflected yet).

There is a clearer view of the numbers on note 4 of the accounts.

Looking a bit deeper, it appears that most of the improvements on the income statement have come on the cost side....there has been ~6m in General & Admin expense (incl in FY2019) that is now only ~1.8m....a 4m improvement. I can't work out what that 6m last year was and what it dropped to 1.8m, but if anyone else has an idea, that would be very helpful