I agree, a strong presentation and there is now a strategy and...

I agree, a strong presentation and there is now a strategy and clear direction with a defined company culture. The lawyers are liking it to the extent that recent senior solicitor leavers are starting to come back. Makes you wonder what was going on before.
Turnover is going up quarter on quarter and in terms of business improvement this will be a lagging indicator, new client instructions will take a while to deliver work and be billed. All going well was the message and looking quite robust with matter of fact explanations from the board and no smoke and mirror gloss, it is all very clear.
They explained that cash is at a low point in the annual cycle. There is always a push to get cash in at the H1 point so we should see this next time. I suppose this will apply to the year end too so Q1 will see the double effects of as much as poss taken at the YE and less focus at the end of Q1 as not statutory report time. They mentioned they have to pay $750K in deferred settlements in Q2 but $500K of this already paid by the time of the meeting.
First time I have seen/heard Stace Boardman, quite impressed, seems switched on and knows the family law business well.
As BSP said, acquisitions mentioned a lot in the questions. They were cautious about this and I believe them. The best way to screw up their bonus, which depends on profit and eps, is to buy a business then have it not perform as expected and have audit rules mean they have to write down goodwill at the year end. A straight hit to the bottom line and goodbye bonus. I am sure they will not let this happen! OTOH buying the right business will help deliver growing eps. Good to have the right incentives in place not the old measures on EBITDA etc...
Bit late for me, it was midnight here, but worth it. Anyone know if a recording is available?