Ann: 2014 Full Year Results, page-4

It will be good, I reckon:

KEY DEVELOPMENTS

• Cost savings initiatives-The ASX release dated 3 June 2014 announced $2.4million in annualized cost savings which will be generated in the period to January 2015. Management is on track in delivering these reductions.

• Fundamental shift in Strategy and Business Model-The ASX release dated 1 August 2014 announced a shift in strategy and business model from one of aggregation to integration. Under the integration model, ILH will operate as one business rather than a portfolio of independent businesses, with a focus on maximising

Group client relationship opportunities and with an integrated back office targeting operational efficiencies.
A number of senior management appointments were announced
as a key element of this change.
Management is on track with implementation-There will be no material acquisition activity for the Group during FY15 whilst Integrated Legal Services and Wealth Management
platforms are developed and finalised. Future acquisitions will be fully integrated on these platforms to achieve available revenue and cost synergies.

• Wealth Management continues to meet expectations-The Wealth Management business, Capricorn Investment Partners Limited (incorporating The Pentad Group), has met expectations in earnings and synergy opportunities with the legal businesses-

Funds under management have grown 7.6% since the acquisition of this business to approximately $480m , enhancing earnings growth potential.-Recurring revenues have continued to grow with $3.6m anticipated in FY15.
-The Board remains confident about the future of this business and the contribution of the Wealth Management division to the complementary business strategy of the Company.-In the medium term, the management anticipate further Wealth Management acquisitions in line with its complementary business strategy.

• Rockwell Olivier growth has continued-The ASX release

dated 12 June 2014 announced a number of business developments for Rockwell Olivier legal services including the expansion of the national legal taxation services practice and
the addition of a financial services legal capability
.

• Law Central-The ASX release dated 18 June 2014 announced a new joint venture arrangement with PantherCorp to enhance the reach of the two businesses by offering cross referral

opportunities to the different client bases.

• Sale of Eaton Capital Partners-The ASX release dated 15 August 2014 announced that an agreement has been signed for the sale of the Eaton Capital Partners corporate advisory business (Eaton), conditional on shareholder approval. The Eaton business was acquired in September 2013 and has not delivered on the Board’s or Eaton’s expectation