sorry....there is nothing positive about this result.
More so when you look at in context of what RFL was saying they were going to be doing.
less than 12 months ago RFL went to the market with a target of $12m EBITDA for FY15 (from banking and wealth only) [refer presentation 31/03/2014]
Today they announced a comparable EBITDA for the half (ie excluding the acquired mortgages) of $0.6m (ie $2.2m less the $1.6m contribution from mortgages).
a very sorry tale of profit destruction, management incompetence and board arrogance (highlighted by the director sell down just before they announced the terrible FY14 results)
sorry....there is nothing positive about this result. More so...
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