Ann: Investor Presentation - FY 22 Results, page-3

Pleasing that the business had net fund inflows of A$309 million in 'platform administration' (see page 7) given that media publicity about some competitors, one in particular (Magellan) has been all about declining balances.

I don't know FID's fees but at face value to take a small hit of A$1 million in reducing fees to attract more business seems sensible.

NPAT has however not increased by as much as revenue.

I am not an accountant so completely lack expertise in this sort of setup but seems a quite solid result. It'll be interesting what the peterdoobes of Oz think.