Ann: Trading Update, page-3

you knew after a whole page off market issues they were preparing for something - seems it was the small paragraph on the second page , despite all the economies of scale, offices everywhere, rent rolls ,,,,,,still losing money

Apparently the number of agents has increased, showing how they are improving,,,I wonder if that is a bunch of new superstars or are they considering a few new juniors with a simple certificate and no real experience a great improvement metric.

To retain and attract all these remaining agents, what will they do?, I suspect they will continue to issue them free shares and dilute the existing holders

Many of the agents who were involved in this business have set up elsewhere, THE AGENCY in Sydney, which seems to be mostly ex McGrath agents is booming, their signboards are everywhere compared to McGrath.

Pantzer Donnelley , Ray White and DI Jones (merged with a lot with LJ hooker Offices), Stone also has signboards around and appears to be selling



If the brand was so strong, why then can so many new real estate offices spring up overnight with ex Magrath agents and so well so quickly?, imo simply because its the Agents that have a relationship with vendors, not the brand. and a new office is cheap and easy to set up



losing money still and the market is only slightly down after a boom they

Soon to break 30 imo, not a Div in sight, and despite its size and claim of sales and rentals, economies of scale certainly is not delivering profits.

Floating a contracted workforce was never going to work, and imo their results prove it.