Ann: Strategic Transaction Update and 2H23 Forecast Distribution, page-2

Very weak 2H result.
Looks like performance fees and and development fees all but dried up in the half.

But I guess all eyes are now rightly on the profits that are able to be generated off the $41m of management fees (should be close to $10m given the ~$32m cost base of the business, with co-investment income and fees from Performance, Development & Leasing, and Acquisitions/Transactions being the cream).