Looks like a sugar hit...
The provided outlook for the balance of the year is very subdued and wanting of detail, and will see a lesser result than this half. I suspect that is the real reason that no dividend will be paid in the second half. Should have split the capital return for both halves.
Anyway, the pressure on margins couple with the loss of FUM is deleterious to profit for the rest of the year and into next. On top of that the cost structure seems out of control. Still 1000 in HQ. The only salvation for shareholders post this sugar hit is a dramatic and significant reduction in the cost base. They will not get back the margin, and the recovery of funds will take considerable time.
As I used to get on my primary school reports....could do better.
Ann: Dividend/Distribution - AMP, page-29
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