Ann: Profit Guidance Update, page-8

The announcement was a pleasant surprise today. It certainly suggests that the debt agreement business is going well which is probably expected given the growth in the number of debt agreements in the community. Also nice to see an increase in revenue.

I have no idea why some sort of a forecast was not made at the AGM. I do know that last year they put out a revised profit forecast on the 17th December. They must do a review approximately two weeks before the end of the year. Will be ready next year.

I know that for the first half of FY2014, the profit after tax increase was a 36 per cent and for the full year the increase was 25 per cent suggesting a slower second half. The fact that the first half of FY2015 will see an increase of between 12 and 17 per cent after last years 36 per cent increase suggests that FY2015 could be another bumper year.

We know that last year the first half performance included accounting adjustments from a better property market. We have commented that the company can only pull that rabbit out of the hat so many times.

The increase in debt agreements is a sign that the business is busy and growing. I wish all my plays were as good as FSA. Well done to those that topped up.