Ann: FY23 Annual Investor Presentation, page-3

Mixed.

PISA is definitely a bad. Revenues there has halved, so it's become a real sink. It's really negligible now.

They're nearly free cashflow positive for the year, which is a huge turn around in 2H. So at least the business appears sustainable going forward and dilution from a heavily discounted capital raise should be now off the table.

The green shoot is probably the Solutions business which grew revenues up 21% half-on-half. Probably mostly driven by the Cambridge and Oxford deals.

Hopefully they can continue this traction into the next financial year and demonstrate some better top line growth.