Ann: Appendix 4C - quarterly-TNT.AX, page-5

If you read the announcement, it says blue reef will be realised mostly next quarter.....which should see further revenue increase.....so wait another 3 months before judgment.

With the Blue Reef acquisition finalised, full revenue from sales and contract renewals will be realised by Tesserent in the coming quarter. This increase, along with anticipated revenues from new US schools associated with the new US channel partner in West Virginia, should see a welcome increase in revenues after the impact of several one-off costs