Ann: 1H20 Appendix 4D and Interim Financial Report, page-4

I'm actually impressed they managed to finish (slightly) in the black for continuing operations under these conditions. I was expecting a net loss. That gives me some confidence going forward, though it will require both better management and better business conditions.

The net loss from discontinued operations was only $7M which is also better than I was expecting, but they are off the books now anyway. A few more non-core businesses to go but from those numbers they can take the time to maximise the value and not resort to a fire sale.

Of course this is all for numbers before coronavirus and the worst of the bushfire after-effects so we'll have to wait another 6 months to see what impact that has. But overall I was expecting a worse result than this, particularly since the last guidance they gave the skydiving business seemed to be taking a hit, and that was pre-fires.