The market is overreacting.
1. Profits from Ventura climbed strongly. Gross profit up to $8.963 million.
2. The advice side of the business is OK
a) FY 2019 gross profit of $30.6 million
b) we were told how much came from grandfathered commissions at 1HFY19
c) this is how it is being replaced
d) look at the uptick. This will accelerate as AMP and others wind down.
3. There was only $300k of new provisions. The fee for no service situation looks favourable.
I could go on: the cash balance was flat if you exclude the software purchase. Ventura will be sold in my view.
The market is overreacting! I bought more this morning.
(20min delay)