Would it make sense to look at QFE as two business AU and US and...

Would it make sense to look at QFE as two business AU and US and then see how AU is the profitable business and US is not?

What is US doing to turn profitable? They have brought together a new team and a super focussed on accounting practices. They have delivered on a lot of promises in the last 12 months (which wasn't the case previously) . They will launch Thomson Reuters integration this month or next. With that launch they would have completed the QFE Connect integration for 90% of the firms.

That sets them up for execution, execution and execution in FY25. I have experienced the drawdown from FY20 to FY23. QFE management needs to do more to win the confidence. However, do we see a change and is that change real? only time will tell.