After a very quick perusal of the address and presentation I...

After a very quick perusal of the address and presentation I will now go back to sleep......

They are doing what they said they were going to do over the first quarter and delivered (and hence no market sensitive disclosure).

Few factors that stood out to this correspondent:

1. Revenue growth was impressive. I was hoping they would get to about $400k per week so $426k was above my expectations.
2. Cash flow was ok. Quicker cash collection cycle is always better but revenue is growing fast which means receivables will most likely be growing. After the "final" $750k of deferred consideration is paid cash should become less tight.
3. Speech and presentation were very positive about the cultural change. Sounds good and hopefully will be reflected in profitable group growth. For a business where the fee earners go home every night and there is no guarantee they will turn up the next day the "soft stuff" is very very important.
4. By elimination of the places mentioned as doing well bit softer revenue in Melbourne, Adelaide & Brisbane. Which also means more potential to improve performance.
5. Simplistically, 4 quarters by $356 of profit attributable to AFL gives $1.424m of profit or FY24. This is 1.8 cps share noting executive bonuses are targeted at 3.0 cps for FY24. Bit more operational improvement (mainly revenue) and 3.0 cents is probably achievable which is a PE of circa 6 on current share price (note no tax expense at this stage as tax losses and executive bonuses will reduce the 3.0 cents).
6. While there is an acknowledgement that they are looking at potential acquisitions they are being very disciplined - which is very pleasing to me.

And given there have been precisely zero shares traded at 10:40 am on the ASX everyone else must be equally bored (or back to sleep).

Look forward to dialing into the meeting and confirming Rick Dennis and Chris McFadden can in fact read their addresses! And then the slides and Q&A session.

Best

BSP

NFA, DYOR, GLTAH