The nature of dealing with the NHS is that you will always have a big increase in spending commitments running up to the end of the fiscal year ending 5th April, use or lose it.
This was eluded to in the call last week as was the fact that ALC is currently working on a number of significant contracts currently.
So if you are going to make some sort of comparison of performance vs valuation then Q1 is not the quarter to be doing it, you have to wait until at least the 4C in in April.
Ann: Q1 FY22 Quarterly Activities Report and Appendix 4C, page-26
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