Ann: AUB Appendix 4D and Half Year Financial Report, page-2

pleased with this, good organic growth from all areas we're told, risk services playing an increasing part, and an upbeat outlook comment too.

The only disappointment is that they didn't raise their stated guidance - which they attributed to the one-off tech costs in 2H and NSW compensation changes potentially affecting risk services in the short term. They seem to be being very cautious here (not a criticism). Eg, re: the one-off tech costs in H2
- weren't these budgeted in the original guidance (from August 2017)?
- and anyway, we're told those costs will result in annualised savings in corporate costs in excess of $1m (pre tax) p.a. in future years, so a good outcome even if unbudgeted.


With the stronger tailwinds which have helped produce the better than expected H1, still present and maybe strengthening, AUB look likely to beat their guidance , and to deliver their best FY year in quite some time. All IMHO.

GLAH