Ann: Appendix 4E & 2023 Annual Report, page-2

Right…….as usual amp have applied more spin in their headlines than a leggies googly. If you look at the numbers you can see…..

1, Revenue that matters is down $40m.
2. Expenses that matter like employee cost and technology are up. Only project costs being just about halved have brought total costs down.
3, underlying npat amp’s preferred measure - except for the headline - is only up 6.25% due to the platform and this is up due to the north guaranteed product producing higher profit based on a good year on the markets. This is a one off. Without this npat would have been down.
4. as expected the advice division is so far off breakeven it is laughable. At the current rate of progress - as it gets harder - it will be 2030 before they reach it, And when things get hard, amp gives up and exits.

These are not good results. As soon as I saw that Debra started her note talking about culture, I knew the detailed numbers were going to be poor.