Ann: Appendix 4E and Annual Report to Shareholders, page-16

Umm - not a great result which Mr Market has rightly spanked.

The one line that has gone up significantly is the directors and executive remuneration. $1.42m (2021) cf $2.147 (2022) and before anyone says non-cash share that is a dilution of owners interest - which means less leverage to any upside.

The vesting of share performance rights for executives based on EBITDA when the change in accounting policy re rents mean the second biggest expense in a professional services business (behind wages) is not included in EBITDA as is anything else that can be capitalized and amortized.... think website and other associated costs.

And when you have "one-offs" every year they seek to be "one-offs" but rather business as usual costs.

And not sure why AFL are looking at Personal Services Law when they still only have 2% of the Family Law market.

Given the remuneration report was voted down (or at least given a first strike) last year I hope directors reflect on where they are heading and focus on delivering on what was promised rather than changing promise.....

Best

BSP
NFA, GLTAH, DYOR etc