Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

My only real concern with this company before todays update was the relatively weak net revenue retention number in FY 2021 of 106%.

Now it looks like they're on target to hit 126% net revenue retention for FY2022, which suggests their increased R&D spend is starting to bare fruit.

Of course net revenue retention doesn't mean all that much without knowing what the gross number is, and in IHR's case it's a world class >99%.

On the asx there are only a handful of stocks that can boast such levels of gross retention, we're talking stocks like XRO,WTC,TNE,PME and a few others. I'm not saying IHR is of the same quality as those incredible businesses, but everything they've done so far suggests they're on the right track.