Yes. They spent the last 2 years of presentations telling shareholders COVID meant skyrocketing divorce rates, ergo more revenue for AFL. Stats show divorce and relationship breakdowns did increase, so the only answer is AFL failed to capitalise. My guess is they focused too much on announcing new 'offices' (barely more than a phone number) to sell the unstoppable growth story to shareholders, and didn't invest in consolidating & refining their own systems. Doesn't matter a jot that you spend the most on google ads if you can't convert to billable clients.
It's a long road back from 14c. Fingers crossed with some new management they refocus on the 'boring' fundamentals over the 'sexy' announcements.
Ann: Results of Meeting, page-9
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