Ann: Corporate Presentation - Annual Results for FY2018, page-2

This reads as if the business had just won the beauty parade. Closer inspection of the more important document - the financial statements and the note 18b qualification from the auditor is a lot more sobering and dare I say realistic. The mention of potential further CR’s based on current burn rate versus recurring cash flow conversion and growth makes this seem almost inevitable.

IMO this business is swimming against the tide in a highly mature, innovative and competitive market.

With Saxo doubling down its investment in AU and adding Open Markets for AU HIN coverage, I would not want to be competing in the broker market.

The other red herring here is where the ASX is going with its distributed ledger (block chain) tech. This will all but bypass the registries and will have significant impact on the broking houses (both positively and negatively). IMO those that survive this next phase will need to have solid capital and cashflow to invest and embrace fast. This sector is not a poor mans sport I’m afraid.