Ann: Appendix 4E and Annual Report to Shareholders, page-4

The results were in-line I think with expectations. However, there was some panic selling. I tried to get myself some down at 32-33c, but alas couldn't average down. Someone did get a small parcel at that point, but I noticed there was a lot of buyers at the 35c mark not being hit. in the end, despite being ~20% down at one point, AFL has remained relatively flat.



While the results show a loss, I think one needs to look through some of the noise. I don't believe in adding back share based compensation to underling NPAT, but you can see the figures are perhaps less generous than the reality.


While the staffing expenses have gone up, they have gone from 49% to 50.6% of revenue. To be fair, it's not a huge difference. The main problem however is that they are unable to get enough staff to fill the book. This means some of their offices are underutilised (could do more with more staff), and their top line growth has been weaker than expected. Not sure how long this labour shortage lasts, but it's across the legal and other professions.