2023 ANNUAL REPORT DETECT ACCESS ILLUMINATE CORPORATE INFORMATION ABN 67 064 089 318 SHARE REGISTRY Boardroom Pty Ltd Grosvenor Place, Level 12, 225 George Street, Sydney, NSW 2000, Australia DIRECTORS Telephone (within Australia): 1300 737 760 Telephone (outside Australia): +61 2 9290 9600 David Cronin, Chairman and Non-Executive Director Facsimile: +61 2 9279 0664 Mark Stevens, Non-Executive Director Mike McGeever, Non-Executive Director Malcolm Maginnis, Group Chief Executive Officer and Executive Director (appointed on 9 January 2023) STOCK EXCHANGE Rob Broomfield, Group Chief Executive Officer and Executive Director (resigned on 9 January 2023) Ava Risk Group Limited shares are quoted on the Australian Securities Exchange (ASX). ASX Code: AVA COMPANY SECRETARIES Neville Joyce, Kim Clark BANKERS Westpac Banking Corporation, 275 Kent Street, Sydney, NSW 2000, Australia REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS AUDITORS 10 Hartnett Close, Mulgrave, Victoria 3170, Australia Telephone: +61 3 9590 3100 BDO Audit Pty Ltd, Tower 4/ 727 Collins St. Docklands VIC 3008 Facsimile: +61 3 9560 8000 INVESTOR RELATIONS WEBSITE www.theavagroup.com Email: investor@theavagroup.com Information correct as at 28 August 2023. TABLE OF CONTENTS CHAIRMAN’S REPORT 04 CHIEF EXECUTIVE OFFICER’S REPORT 06 DIRECTORS’ REPORT 10 AUDITOR’S INDEPENDENT DECLARATION 30 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 32 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 34 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 36 CONSOLIDATED STATEMENT OF CASH FLOWS 37 NOTES TO THE FINANCIAL STATEMENTS 38 DIRECTORS’ DECLARATION 87 INDEPENDENT AUDITOR’S REPORT 88 SHAREHOLDER INFORMATION 94 4 | AVA GROUP ANNUAL REPORT 2023 CHAIRMAN’S REPORT BUILDING A GLOBAL LEADER IN RISK MANAGEMENT TECHNOLOGIES DEAR FELLOW SHAREHOLDERS AND ASSOCIATES During FY2023 Ava Risk Group Limited (Ava Group / the Company) continued to build its position as a global leader in risk management technology, protecting critical infrastructure and high value assets. The Company remains committed to its strategy of growing revenue from its market leading technologies by increasing market share and developing adjacent applications. I am pleased to report to shareholders the significant progress that has been accomplished during FY2023. In January 2023 Mal Maginnis commenced as Group Chief Executive Officer following the retirement of Rob Broomfield. Mal’s appointment reflects the Board’s commitment to ensuring that the Company has access to the skills and expertise to support its growth ambitions. Mal is a seasoned leader of global technology-enabled businesses with more than 35 years of experience in the defence, security, safety, and technology businesses. He has reoriented the business to align the Company’s technology with customer solutions. In the accompanying CEO report, Mal sets out what has been achieved during FY2023, his first six months and his outlook for FY2024 and beyond. In August 2022, Ava Group acquired GJD Manufacturing Limited (“GJD”) to create the Company’s Illuminate segment. GJD is a leading UK based technology supplier, specialising in illumination and detection applications. The acquisition provides the Company with a complementary product and technology footprint as well as an established go-to-market capability in the UK and western Europe. The growing momentum within the business is best reflected by the increase in sales order intake and revenue. The Company received sales orders of $30.9 million during FY2023, which is an increase of 71% on the previous year, a 36% increase when the acquisition of GJD is excluded. This has resulted in revenue of $28.6 million for FY2023, an increase of 54% on the previous year. The growth in both sales order intake and revenue is underpinned by growth in the Detect segment and the addition of the Illuminate segment following the GJD acquisition. We continue to invest in our technology and have built on the Aura platform, leveraging the machine learning capability that the Company has developed in recent years. In March 2023 we launched Aura Ai-X at ISC West, the world’s largest security industry trade show. Aura Ai-X is our latest generation, data driven intrusion detection system, which includes an embedded deep learning engine that enhances system performance. Market interest in the platform has been immediate with an initial order received for protection of a critical European border. Earlier in the year the Company received its first order for its conveyor belt application, highlighting the opportunity to use our technology to support adjacent applications. The Board is committed to conducting business in accordance with high governance standards. We continually review policies and procedures to ensure that they fulfill Ava Group’s regulatory and compliance obligations. We also ensure that the Company’s technology development roadmap is consistent with our strategic direction and meets market expectations. Finally, I would like to thank you, our shareholders and associates, for your continued support and engagement with the Ava Group as we build a world class risk management business. On behalf of my fellow Directors, I also thank the management team for their hard work, dedication, and achievements throughout FY2023. In particular, I take this opportunity to thank Rob Broomfield for his dedication to our business across multiple roles prior to his retirement in January 2023. David L Cronin Chairman 2023 ANNUAL REPORT | 5 AVA GROUP KEY ANNOUNCEMENTS 31 JULY 2022 | ACQUISITION OF GJD 2 APRIL 2023 | US$1.5M CONTRACT FOR NEW AURA Ai-X Ava Group announces the acquisition of GJD - an awardwinning, UK-based security equipment designer and manufacturer, specialising in security space detection and intruder detection systems. Ava Group announces that its Aura Ai-X fibre optic sensing technology had been selected to protect a critical European border. This contract marked the first sale of Aura Ai-X – latest generation, data driven intrusion detection system. GJD products include professional grade external detector equipment as well as infrared and white-light LED illuminators and Automatic Number Plate Recognition cameras and counts some of the UK and Europe’s most security conscious end users as customers. It also has a growing OEM sales channel across multiple sectors, including well-known multinational engineering and technology companies. Aura Ai-X has an embedded deep learning engine that enhances system performance by referencing algorithm upgrades backed by a global data library. With unrivalled performance and exceptional event classification accuracy, Aura Ai-X delivers high Probability of Detection (POD) combined with lowest Nuisance Alarms Rate (NAR). 3 OCTOBER 2022 | APPOINTMENT OF NEW CEO Ava Group announces that Mal Maginnis will join the Company as Chief Executive Officer. A seasoned leader of global technology-enabled businesses with more than 35 years of experience in the defence, security, safety and technology industries, Mal most recently served as President of Rapiscan Systems from July 2017 until September 2022. “Having first met Mal more than 15 years ago, I am very confident that he is the right leader to drive the growth phase of our business. Exceptionally well-regarded within the industry, Mal’s extensive technology, security and defence experience as well as his business development skills will be most valuable in strengthening our partnerships, developing new strategic alliances and expanding our international sales presence. We believe his strong leadership experience will greatly enhance and accelerate Ava’s growth strategy.” David Cronin, Ava Group Chairman “Securing this contract is a vote of confidence in what we believe to be the most advanced perimeter intrusion detection technology on the market. We are confident that Aura Ai-X will fast become the solution of choice for the smart protection of critical infrastructure worldwide.” Mal Maginnis, Ava Group CEO FY2023 | FOCUS ON NORTH AMERICAN ENERGY SECTOR During the year, Ava Group secured multiple contracts for the supply and installation of its fibre optic intrusion detection at energy facilities in North America. This included the protection of further critical assets on a single site, where our advanced sensing solution is being deployed to replace a competitor’s technology. Further systems are also expected to be awarded as part of the customer’s ongoing upgrade program. These contract wins highlight the growing recognition of Ava Group’s leading detection systems across the sector and provide further validation of the Company’s stated strategy of targeting critical energy assets and focusing on the North American market. 6 | AVA GROUP ANNUAL REPORT 2023 CHIEF EXECUTIVE OFFICER’S REPORT REVIEW OF OPERATIONS I am pleased to have the opportunity to report to shareholders the significant progress that Ava Group has made towards becoming a world leader in the provision of risk management technologies. Ava Group has some of the most advanced detection sensing and access control technologies in the market. Upon joining the Ava Group in January 2023, my immediate focus was to better align the technology with customer solutions. To this end, the Company has been realigned into three operating segments: Detect Manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks. Access Specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Illuminate Specialist in the development and manufacture of illuminators, ANPR cameras and perimeter detectors. The organisation of the business segments with customer solutions has resulted in a renewed focus on our customer facing sales and support capability. We have continued to invest heavily and ‘upskill’ these teams, reflecting their criticality to growing the business in the future. The initial results from these changes are encouraging, with both sales order intake and revenue growing in the second half of the year. In reviewing FY2023 it is pleasing to highlight some significant milestones: › Sales order intake grew to $30.9 million, up 71% on the previous year. • Growth in Detect segment orders of 55% to $20.7 million. • The addition of Illuminate orders of $6.3 million following the acquisition of GJD in August 2022. • Access segment orders of $3.9 million. › In line with increased sales order intake, revenue grew by more than 50% to $28.6 million. Resultant EBITDA of $1.3 million is up 61% on the prior year. › Continued growth in the Detect segment in key geographies and industry verticals. Sales order intake in North America represented 34% of orders received, up 20% on the prior year, with additional orders received from the energy sector. Orders from Europe grew significantly, notably including the first deployment of our Aura Ai-X system to the protection of a critical European border. The Detect segment was also able to fulfill its first order for our conveyor belt solution, demonstrating the ability of our core technology to be adapted to adjacent applications. › The integration of GJD following its acquisition in August 2022 to create the Illuminate segment. Based in the UK, GJD provides Ava Group with complementary illuminate and detection technologies while strengthening our presence in the UK and western Europe. While the Illuminate segment has experienced challenging economic conditions in the UK during FY2023 which has impacted domestic sales, we have already provided combined customer solutions across the Detect and Illuminate segments. We are confident that this is an opportunity that we can further exploit to expand the market reach for the Illuminate segment. 2023 ANNUAL REPORT | 7 AVA GROUP › For the Access segment, FY2023 was a year of progressing compliance obligations in key distribution channels. The segment recorded declining sales order intake and revenue during FY2023, however significant progress was made towards obtaining relevant product certifications which will enable an acceleration of sales via this channel in FY2024. We retain a global framework agreement for the supply of Access products to dormakaba International Holding GmbH, a global leader in security access control systems. It is anticipated that final certifications will be obtained during Q1 FY2024. › Development of Aura Ai-X continued during FY2023 and we launched this product in March 2023. Aura Ai-X is built on the Company’s Aura platform and is the latest generation, data driven intrusion detection system. It has an embedded deep learning engine that enhances system performance to improve the probability of detection while minimizing nuisance alarms. This product was immediately successful in the market and was pivotal to winning a significant contract to protect a critical European border. It also establishes a long term support arrangement and revenue stream with customers which gives them access to algorithms based on our global data library. FINANCIAL REVIEW A$m FY2023 FY2022 Change Revenue – continuing operations 28.6 19.0 9.6 EBITDA* - continuing operations 1.3 0.8 0.5 Profit / (loss) after tax – continuing operations (1.1) (0.7) (0.4) 33.8 N/A 33.1 (34.2) Profit / (loss) after tax – discontinued operations** Profit / (loss) after tax (1.1) * EBITDA excluding unrealised foreign exchange variances ** Discontinued operations relate to the Services division divested during FY2022 The consolidated loss after income tax attributable to the shareholders of Ava Group for the year ended 30 June 2023 was $1.1 million. This is a decrease of $34.2 million compared to the previous financial year which included a profit from discontinued operations of $33.8 million. Revenue from continuing operations in FY2023 of $28.6 million was $9.6 million higher than the previous year (FY2022: $19.0 million), reflecting revenue growth of more than 50%. The increase in revenue reflects revenue from the Illuminate segment of $6.3m following the acquisition of GJD in August 2022, and increased Detect revenue of $3.8 million due to increased sales order intake. Despite the addition of the lower margin Illuminate segment, consolidated gross margin was broadly maintained with the prior year (FY2023: 64%, FY2022: 65%). Gross margin within the Detect and Access segments grew from the prior year reflecting careful supply chain management including the forward buying of inventory to lock in prices and secure supply. Margin in the Illuminate segment at 48% is consistent with expectations within the distribution business but has the effect of slightly diluting consolidated gross margin. Operating costs increased by $5.4 million on the prior year. The addition of the Illuminate segment during FY 2023 represented $2.9 million of the additional costs. The remaining movement is primarily driven by employee related costs associated with the significant reorganisation of the business during the second half of FY2023. Some of these costs (approximately $0.7 million) are one-off in nature and not expected to recur in the future, while some cost has been added to the business as we have ‘upskilled’ the sales and business development teams. I am confident that the investment we have made in reorganising the business will deliver significant benefit in FY2024 and beyond. Resultant Group EBITDA of $1.3 million represents growth of 63% on FY2022 ($0.8 million). Excluding ‘one-off’ costs of $0.7 million associated with the reorganisation of the business during H2, underlying EBITDA is $2.0 million, up 150% on FY2022. Net loss from continuing operations of $1.1 million is $0.4 million higher than the previous year (FY2022: loss of $0.7 million) due to higher depreciation and interest charges associated with the acquisition of GJD. The Company had a cash balance of $5.5 million at 30 June 2023 (FY2022: $15.2 million). The movement is driven by the cash paid (and overdraft acquired) for the GJD acquisition ($5.5 million) and continued technology investment in the Aura platform ($1.9m). Cash flow from operations was (-$2.2 million) for the year mainly driven by increased inventory during the first half of the year to secure supply chains and lock in costs. Pleasingly, cash flow from operations during the second half of the year was positive, notwithstanding some one-off costs attributable to organisational changes. 8 | AVA GROUP ANNUAL REPORT 2023 CASH BALANCE $5.5M $ ** $1.3M ACCESS ILLUMINATE DETECT SALES ORDERS $30.9M APAC AMERICAS EMEA DETECT ACCESS ILLUMINATE › Secured first deployment of new Aura Ai-X to monitor critical border in Europe. › Recorded highest annual sales volume of YG80 Orca lock including largest single customer order. › Successfully integrated GJD to create new ILLUMINATE segment. › Continued to expand footprint in North America with sales order intake representing 34% of orders received. › Fulfilled first order for conveyor belt solution demonstrating technology adaption for adjacent applications. * Revenue from continuing operations. ** EBITDA excluding unrealised foreign exchange variances. › Released next generation Cobalt Single (YD30S) and Cobalt Double (YD30D). › Advanced key product certifications – leading to opportunities for nationwide stocking of Cobalt locks through major security distributors. (UP 71%) $28.6M EBITDA $ SALES ODERS BY REGION * SALES ORDERS BY SEGMENT REVENUE $ (UP >50%) $ (UP 61%) FY2023 HIGHLIGHTS › Leveraged channel management and go-tomarket capabilities in UK and Western Europe. › Developed integrated customer solutions with fibre optic sensing technology. 2023 ANNUAL REPORT | 9 AVA GROUP OUTLOOK We are confident about delivering significant growth for Ava Group. Each of our operating segments has market leading technology within our fibre sensing, access controls and illumination products. Catalysts for growth exist in each of the segments and we have developed the organisational capability to execute our plans. The Detect segment is well placed to accelerate growth. The Aura Ai-X product launched in March 2023 delivers unrivalled performance by using an embedded deep learning engine to improve detection rates and reduce nuisance alarms. We believe this solution will quickly become the solution of choice for the protection of critical infrastructure worldwide. The product has been well received by the market and has already underpinned contract awards in Europe and Asia. We have a strong global pipeline of opportunities that can be supported by this product. We also continue to expand the application of our products to pursue opportunities in adjacent markets such as telecommunications. While performance in the Access segment during FY2023 appeared slower than anticipated, we made significant progress towards opening key distribution channels. It is expected that relevant certifications will be finalised in Q1 FY2024. This is a significant milestone which will enable us to better exploit the global networks of our distribution partners. We remain very confident in the quality of our partners and believe that this will drive significant growth across the segment. The addition of the Illuminate segment remains an important accelerator of growth for the Company. The product offering is complementary to our large scale solutions in the Detect segment, and its geographic location in the UK provides scale to the Company’s presence in the UK and western Europe. While domestic economic conditions in the UK during FY2023 were challenging, we are confident that we can rapidly grow export channels in the Illuminate segment, leveraging the Company’s existing strong position in North America and Asia Pacific. I look forward to updating you on progress throughout FY2024. Mal Maginnis, Chief Executive Officer DIRECTORS’ REPORT TABLE OF CONTENTS AUDITOR’S INDEPENDENT DECLARATION 30 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 32 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 34 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 36 CONSOLIDATED STATEMENT OF CASH FLOWS 37 NOTES TO THE FINANCIAL STATEMENTS 38 DIRECTORS’ DECLARATION 87 INDEPENDENT AUDITOR’S REPORT 88 SHAREHOLDER INFORMATION 94 12 | AVA GROUP ANNUAL REPORT 2023 DIRECTORS’ REPORT The directors present their report together with the financial report of the Consolidated Entity (referred to hereafter as the “Group” or “Consolidated Entity”) consisting of Ava Risk Group Limited (referred to hereafter as the “Company” or “Ava Risk Group”) and the entities it controlled for the financial year ended 30 June 2023 and auditor’s report thereon. Directors The names of directors in office at any time during or since the end of the year are detailed in the table below. The directors have been in office since the start of the year to the date of this report unless otherwise stated. Information on Company Directors and Company Secretary The qualifications, experience and special responsibilities of each person who has been a director of Ava Risk Group at any time since 1 July 2022 to the date of this report is provided below with details of the company secretaries as at the year end. Name, qualifications, and independence status Experience, special responsibilities and other ASX directorships David Cronin David has over 25 years professional experience and more than 15 years of international experience at the director/chairman board level. David is presently the Managing Director of the investment & consulting group Pierce Group Asia where he is responsible for its technology focused corporate development and investment activities. Chairman of the Board (Appointed 31 August 2018) Non-Executive Director (Appointed 10 April 2018) Previous to his role at Pierce Group Asia, David was an investment manager for the London listed Guinness Peat Group PLC and Director of M&A for its technology focused division. Working for several large financial and non- financial institutions, David has been involved in various advisory, executive level and board positions with several early to mid-stage technology companies. David has extensive knowledge of Ava Risk Group and the security markets that it services. He has more than 10 years of board level experience within Ava Risk Group, having previously served as a Director and Chairman of Ava Risk Group prior to its IPO. Mike McGeever Non-Executive Director (Appointed 8 August 2018) Mr McGeever has over 35 years’ experience in the military, facilities and securities sectors. Prior to his retirement in 2015, Mr McGeever was the Managing Director and founder of Transguard Group LLC, a UAE based security and facilities management company and one of the largest security companies in the world, employing 55,000 staff. Prior to that he held senior positions in a range of security and facilities focused companies. Mr McGeever has a Master of Business Administration from the University of Portsmouth (England). Mark Stevens Non-Executive Director (Appointed 11 March 2015) With more than 30 years of experience in senior management roles with multi-national corporations, Mark is a seasoned executive with broad experience in sales and general management in the telecommunications and Information technology sector. Mark has held senior positions with Nortel Networks Inc., Aircom International Limited, ECI Telecom Ltd, Transmode Systems AB, and more recently Infinera Corporation. He has lived and worked in Europe, the United States, Singapore and Australia. Mark holds a Master of Business Administration from the University of Melbourne, a Bachelor of Engineering degree from Monash University and is a Graduate Member of the Australian Institute of Company Directors. Malcolm Maginnis Group Chief Executive Officer (Appointed 9 January 2023) Mal has more than 35 years of experience in the defence, security, safety and technology industries. Most recently, Mal served as President of Rapiscan Systems from July 2017 until September 2022 – a US-headquartered global manufacturer of security equipment and systems. Prior to joining Rapiscan, Mal was head of Iveagh Technology a technology development company based in Singapore and part owner of SX Technologies, a Sydney-based detection company. He was also President of Smiths Detection from 2011 to 2014. Mal is based in Singapore. 2023 ANNUAL REPORT | 13 AVA GROUP Robert Broomfield Robert is an experienced business executive with more than 30 years of management experience including more than 25 years in senior positions within companies operating in the security industry. (Appointed 8 August 2018, resigned 9 January 2023) Prior to joining Ava Risk Group, he was with Vision Systems Limited, where he served as the General Manager of Asia Pacific for their Fire and Security systems. In addition to his international sales and marketing success, Robert has extensive experience in operations management, including product engineering, procurement, manufacturing and operations. Group Chief Executive Officer (Appointed 10 July 2020) Executive Director (Appointed 27 February 2008) Robert has previously had 10 years’ experience with IBM in Australia and the United States. Robert retired on 9 January 2023 and ceased to be a KMP on that date. Joint Company Secretaries Neville Joyce Appointed 3 November 2021 Neville is a highly experienced financial and commercial executive with proven expertise across multiple sectors including energy, mining, technology and manufacturing. With extensive experience in leadership, management and strategic financial analysis, Neville has held senior finance positions at Origin and Energy Australia including roles as Chief Financial Officer and Divisional Head of Finance. Prior to joining Ava Group, Neville was Group Chief Financial Officer at Redflex Holdings Ltd from 2017 to 2021. Neville is a CPA and holds a Bachelor of Business. Kim Clark Appointed 20 January 2017 Kim is an experienced business professional with 24 years’ experience in the banking and finance industries and 7 years as a Company Secretary (in-house) of an ASX300 company. Her experience includes debt and capital raising, risk management, mergers and acquisitions, compliance and governance. Kim currently acts as Company Secretary to various ASX listed and unlisted companies in Australia and is the Head of Corporate Services for Boardroom Pty Limited’s Queensland office. Directors’ Meetings The number of meetings of the board of directors and of each board committee held during the financial year and the number of meetings attended by each director are: Board of Directors’ Meetings Meetings of Audit & Risk Committee (ARC) Meetings of Remuneration & Nomination Committee (REM) Eligible to Attend Attended Eligible to Attend Attended Eligible to Attend Attended D Cronin 12 12 5 5 1 1 M Stevens 12 12 5 5 1 1 M McGeever 12 12 5 5 1 1 M Maginnis 6 6 - - - - R Broomfield 6 6 - - - - Committee Membership As at the date of this report, the company had an Audit & Risk Committee, and a Remuneration & Nomination Committee of the Board of Directors. Members acting on the committees of the Board during the year were: Audit Committee Remuneration & Nomination Committee M Stevens (Chairman) M McGeever (Chairman) D Cronin D Cronin M McGeever M Stevens 14 | AVA GROUP ANNUAL REPORT 2023 DIRECTORS’ REPORT <continued> Gender Diversity Policy The Remuneration & Nomination Committee is responsible for setting the diversity policy of the Company. The Committee has established a diversity policy for the Company, which is disclosed on the Company website. Measurable objectives for achieving gender diversity have been set with the Company assessing annually both the objectives and the entity’s progress in achieving them. The Company has set an objective to ensure that the representation of women across the business is 25%. During the year ended 30 June 2023, women represented 27% of the business. Whilst Ava Risk Group particularly focuses on narrowing the gap in gender representation across all levels, it strives for equal development opportunities for all employees, irrespective of gender, cultural, physical capabilities, or other differences. Directors’ Interests in shares or options As at the date of this report, the interests of the directors in the shares and performance rights of Ava Risk Group are as detailed below: Number of ordinary shares D Cronin 33,519,937 M Stevens 1,218,396 M Mc Geever 6,005,000 M Maginnis 10,000 Principal Activities The principal activities of the Consolidated Entity during the financial year were: › the provision of security technology products for perimeter intrusion detection solutions; › the development, manufacture and supply of high quality, high security card and biometric readers, electromechanical locks and related electronic security products; and › manufacture and supply of professional external security and intruder detection equipment including ANPR cameras, lighting controllers and infrared and white-light LED Illuminators. OPERATING AND FINANCIAL REVIEW Highlights FY2023 has highlighted some significant milestones: › Sales order intake grew to $30.9 million, up 71% on the previous year. • Growth in Detect segment orders of 55% to $20.7 million. • The addition of Illuminate orders of $6.3 million following the acquisition of GJD in August 2022. • Access segment order of $3.9 million, down 17% compared to the prior year. 2023 ANNUAL REPORT | 15 AVA GROUP Review of Financial Results A$m FY2023 FY2022 Change Revenue – continuing operations 28.6 19.0 9.6 EBITDA* - co