Ann: FY12 Half Year Results Announcement , page-4

The good news appears to be the cash flow.

Last Financial Year 59% of the Operating cash flow (before tax and inst creditor distributions) was received in 2nd half. If that repeats this year they'll top 11 Million, up from 8.5 M last year.

However, the number of clients decreased a touch. No explanation?

But the Home Loans side of the business doesn't seem to be gaining any traction.

Is it drawing a long bow to include the 1.8M difference between the Small Business result the last 2 half years and conclude that without the re-structure they would have hit 8M EBIT?

There is usually an accompanying presentation with their half years results. Should we be concerned that this year there is not?

Mixed signals. They continue to frustrate.

But the cash flow is improving.