Ann: March Qtr Update & Appendix 4C Growth in revenue & cashflow, page-2

With the RE market starting to cool across this big brown land and likely massive rate rises coming we should see a pronounced cooling across the entire property market over coming quarters.

I expect many of these agents will go back to window tinting and then we will see how sustainable the Agency model actually is.

I revisited the annual report over the weekend and was reminded how over paid their executive team actually is.

The head office costs for this business will not sustain a slow down in sales.
This business is borderline profitable in my view.

I still like the concept but management have simply failed to scale fast enough....and still carry excessive debt for a business of this tiny size.

10x