Fairly impressive set of results when compared to ASX...

Fairly impressive set of results when compared to ASX volumes.

Brokerage revenue -5.7% vs ASX cash market volume down 21%.
ECM fees up 10% vs total ECM volume down 20% (IPOs +28% Secondaries - 45%)
Really strong outcome from Bell Direct +30%. They're definitely taking some market share despite a further push from app based " disruptors". ETF promotions probably helped a fair bit in driving user growth. The Bell Direct app is still in early access on Android (I think the iOS version has launched?). Perhaps the slow app rollout is a bit of a blot on their tech development credentials.
Margin lending and Portfolio Admin both performed very well. So the "recurring revenue" streams appear to be proving up their recurring nature through what has been a marked slowdown in the June half equity market volumes.
Personally I don't really see Bell Direct or margin lending to be " recurring revenue" businesses...they are very much exposed to equity market conditions like their traditional brokerage and ECM businesses. Still the proof is in the pudding and BFG is delivering the goods at the moment.

Many instos still see a traditional "stockbroker" as being uninvestable. Far too cyclical and susceptible to disruption from low cost app-based entrants (just look at the US). But if you look under the hood these guys have managed to grow through different equity market conditions over the past few years. They've developed new business lines which are now making a significant contribution to earnings. I think it's a classic case of a industry-wide heuristic that overlooks the real company-specific business fundamentals.