With the company reporting this morning I feel they have failed...

With the company reporting this morning I feel they have failed to scale quickly enough and now that the national property down turn is in its early stages of what I believe will be a long journey.

Whilst FY22 EBITDA was $3.85m, a measly $790K increase on FY21, the total net profit was a LOSS of $840K.

With an $18m Market Cap it still looks expensive to me, so I will remain on side lines likely another few years and see how this plays out.

Turning to the Balance Sheet total current liabilities have increased by $12.66m in the last year.

Management still being paid way too much for a microcap losing money in my view. But that's the carrot they needed to dangle to bring in the army of new agents this business model needs in order to scale.

10x