Just a quick question about IFL........... Do you think it has turned a corner? Earnings 'seem' to have stabilized in the most recent half, although the P&L is a little murky for me. The net FUM seem to have stabilized as well. Platform gross margin has settled around 48 basis points. The 800 million in debt to a market cap of 2 billion looks a little worrying if a capital raise is required at some point, despite the strong interest cover on current earnings.
