Yeah, business looks pretty solid, and those metrics quoted suggest FUA and trading volumes are growing quickly.
Probably a bit too much to expect CF positive in the first quarter, with all the one-off restructuring costs. If they are CF positive this quarter that seems reasonable to me.
These businesses are capital light and high margin - ASX:SFL does over 50% NPBT margins.
Being CF positive, MWS will be profitable, so hopefully that $2m EBIT is acheivable
Ann: Appendix 4C - quarterly, page-9
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