Ann: Half Yearly Report and Accounts, page-7

I agree. What's not to like? Over the counter fees up by nearly 14% versus pcp. EBITDA (purely constructed from fees) up a more moderate 3.7%. Costs are up almost in-line with fees (nearly 12%), so margins fairly steady. Nothing to complain about, I don't think, when one considers how tightly costs have been held in recent times.

I was a little concerned about H2 FY17 OCFBIT(1) falling short of EBITDA. However, in H1 FY18 OCFBIT exceeds EBITDA by a healthy margin, and that's despite WC increasing by $1.7m in the half year period.

Here is the recent track record of the ratio of OCFBIT to EBITDA:
H1 2013: 1.10
H2 2013: 0.86
H1 2014: 0.94
H2 2014: 1.28
H1 2015: 1.03
H2 2015: 0.90
H1 2016: 0.94
H2 2016: 0.97
H1 2017: 0.99
H2 2017: 0.82
H1 2018: 1.12

I don't know about you, but that sets my pulse racing.


I think it's onward and upward! As to the offloading of DMA... trifles! (2)




Note 1: OCFBIT=operating cash flows before interest & tax

Note 2: I don't completely dismiss @travelightor's concerns. I too prefer understated, no-nonsense communication. But I think some perspective is in order. Daryl is passionate about the business, and sometimes perhaps he lets his excitement get the better of him. So yes, perhaps if he'd contained his enthusiasm until after DMA became a proven performer, then offloading it would not have gone fairly unnoticed. But I am not going to knock the MD for being energetic and entrepreneurial, when he has demonstrated the right to be trusted with our capital.