last year they wanted you to look at underlying not the horror...

last year they wanted you to look at underlying not the horror figure in statutory, this year it doesn't suit them

even with a large drop in the "imparements" of 85%,  underlying profit of the business is much worse.

EBITDA, was profit 1.6M now a loss of 2.5M
EBIT 118 % worse
Underlying profit down 89% on previous half 18
NEt profit down 115%

as for loss being narrowed in last QTR, immaterial, depends when you book things, hence you have a half year report.

loss of fees, loss of revenue, affects on future carry value of lower north shore franchises will come imo. what other franchises will want to exit?  all these rentals , (some purchases) and profit in that segment?  negative

result is terrible imo, guidance is for more problems ahead for the contracted commissioned based workforce.

buying at such a premium to book value when the guidance is weak, metrics are still negative even when there is a huge drop in impairments means its wildly unjustified imo