Although not separately reported, H2 saw a massive return to...

Although not separately reported, H2 saw a massive return to profits. H1 had a net loss around $3m (after non cash write offs). Full year result is a profit of around $2m (after including those same write offs).

Basic arithmetic is my forte. Expecting full year NPAT of 6c-7c for 2018/19 in the absence of write downs or extraordinary events. A projected PE of 10 is cheap(ish), dividend at say 50% of NPAT should produce a sustainable dividend of at least 3c - 3.5c at a current yield of 5.25%. Franking account balance in excess of $6m could support any form of capital management measure (eg off market buy back), the company could want.

But they won't go that way. The clearly stated and defined path is now the acquisition of good fit practices with a owner/driver/partner model.

I could not believe the easy post announcement pickings at under 60c, all you could eat basically. Collected as many as I could afford and then some, and I am not selling.

As a participant in the financial industry, consolidation of older practices needing succession planning and compliance relief is an absolute no brainer. Success demands the right model, the right leaders, the right staff, the right incentives and the right investment time horizon.

After trial and error and mis-step CUP appears to tick the boxes.

The market wants profit/yield, the industry wants consistent quality service delivery. Although these objectives are somewhat at odds, both seem achievable.