I have just cherry picked a few figures from the two last yearly...

I have just cherry picked a few figures from the two last yearly 3rd quarter reports to allow a comparison.

Yearly to QMar24 QMar23

Receipts 92285 85353

Staff costs 38289 31049

Admin 4606 9533

Cash (1879) 6043

Note that the revenue has increased as you would expect with the new businesses acquired. The staff costs have also increased for the same reason. You might think that because the staff costs increased by the same amount as the revenue that the new business margin must have been near zero but of course the milestone payments (revenue) for work completed usually lag the costs of materials supplied and staff wages and they have explained that. This will always be a problem assessing the guidance for businesses which gain revenue on large projects via progress payment. In fact to be bale to handle the working capital requirements without drawing down further debt or raising capital is a good sign in such business. So it is obvious that there will also be cash outflows where large progress payments are still outstanding. The one standout item which these 3 quarterlys show is the Admin debt reduction. It has been almost halved. I have had a very cursory look at past yearly reports to establish how this occurred and it would appear that admin costs include business development costs and I would gather that acquisition costs are included there. So next half should look good with that large milestone payment coming in and the yearly should show the increased profits according to guidance. All OK based on the amount of info the quarterlies give.