Ann: Investor Presentation, page-4

I was trying to figure out how you go from 38% revenue i increase in 1H to 25% increase full year. What does that mean for 2H revenue given the merger in late Feb 22. The 38% increase in revenue was ascribed to the addition of Quantum and SMS business in the half year report

If you assume the y/y 38% revenue increase continues for Jan and Feb before the merger then the revenue for the remaining 4 months must actually decrease 1% y/y to arrive at 25% increase overall. Assuming that revenue is generated evenly, that’s no organic growth in revenue.

Happily the situation with EBITDA is much better by this same simplistic analysis. 37% increase in 1H turns to estimated 30% increase FY. If you assume steady EBITDA growth of 37% for Jan and Feb, again pre-merger last year, then this must fall off to 16% increase for the remaining 4 months

this 16% increase will include the earnings from SMS.
16% increase is slightly better than the addition of ~10% EBITDA (3 m on top of 30 m from FY22 ) estimated to be generated by SMS at the time of acquisition. So it’s something.

some pretty rough calculations there so might need refining