More broadly on the result.... not that exciting no. But also...

More broadly on the result.... not that exciting no. But also not unexpected given that the balance sheet was largely cash until December.
The details on the FM business and fees are bit vague. They have reported the TOT contribution ($1.7m in fees pa). The TCF contribution is very modest (would be <$250K pa). Though as for the HCP (Hotel partners) it's all very cloudy.... perhaps as much as $1m pa.

Regardless of the FM revenue breakdown, needs some FUM if the recurring earnings base will grow.
I would have liked to seem them stick with the PE investing for longer, as I though this was one strategy that was paying off (Fibreconnex was a great IRR, and PMG was successful).... I would expect a positive return from their last investment also (Cardioscan). Might not set the world on fire, but maybe a 30 - 50% gain over the 3 year hold?