EBITDA margin in F22 fell to 3-4% vs historic 10-15% despite 25% revenue growth - due to acquisitions, restructures, ramping hiring to meet growth, Govt div underperformance.
Confidence in F23 $60m target is solid (slowing growth to more normal tempo). Piled a lot of costs into the final q I suspect to get off to a good start for Q1 F23.
Ann: Quarterly Activity Report (Appendix 4C), page-2
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