Ann: Investor Presentation, page-9

Spot on Mikalee.

Their utilisation is very poor.

In surveying (in fact on most professional services businesses) , a fee earner needs to be generating atleast 3x their salary in fees (ie salary $150k, fees billed $450k).

In my reckoning, VA is ~ $175k, which is < 2x salary in their structure. Recipe for disaster, which is what we have.

I know the board and senior management are aware of this, but they dont 'get' it. To address, its simply 'too hard'.

The two levers are - more work, or less heads.

No appetite here for the hard decisions . Board and management prefer 'harmony', to fundamental change.

Outcome - business goes down the toilet.