Ann: 2018 Half Year Results & Appendix 4D, page-4

Yes $26.6 million Intangibles $20 million. Really we cannot see too much as Interprac only provided 1 Months result.

Really the next 6 months will be the test. The really great things in the report are:


Key highlights for 1HFY18 are:

• Recorded positive operating cash flow of $7.34m;
• Revenue of $20.58m up 26.6% on the prior comparable period;
• Cash balance of $12.85m at 31/12/2017;
• Completed Acquisition of InterPrac Ltd 01/12/2017;
• Completed Acquisition of Morrison Securities Pty Ltd 18/09/2017;
• Migrated the business under 4 core operating divisions;
• Completed the migration rollout of Bourse software;
• Increased ownership of Financial News Network Pty Ltd (announced but not completed during the period);
• Increase in Sequoia Wealth Group adviser numbers by 15%;
• InterPrac Financial Planning named IFA dealer group of the year;


Moving forward we expect to generate over $600,000 in cost reductions and flag further synergies within our Sequoia Equity Markets Group division as a result of our acquisition of Morrison Securities Pty Ltd.

We anticipate on the basis of the above, that in the second half of 2018 revenues will further increase to at least $27 million and delivery of profit margin expansion as revenue scale offsets fixed overheads associated with running the listed Company.

All of this looks like we could have a great 2nd half running into the end of the financial year. However my one concern - I don't see the need for the Morrison acquisition and even the need for a broker in the mix...

Still happy generally especially the cash flow ...