MFI didn't get to launch the Coastal fund nor the Japanese fund...

MFI didn't get to launch the Coastal fund nor the Japanese fund in the last half as they expected and the MBR shareprice had also retreated a little from 31/12/06 to 30/6/07.

With this in mind I'd now expect profit for the year to be less than what I originally expected. A loss in the last half is a possibility(with not much in one-off fees), but the full year should still be substantially up on the 2006 $10m NPAT result.

The funds postponement means that H108 should deliver a very good result. Plans are, to launch the German property trust, the Coastal land fund, the Japanese trust (maybe, if not in H1 will be in H2- due dilligence being done now on a second property),
a revaluation of the SDH land at Goulburn which is expected to be rezoned, and a lift in MBR shareprice with broker calls of $3.25 by Dec07 for MBR.

An infrastructure fund, an equity fund and a managed fund are planned for FY08. A large raising for Mariner American Property trust is also planned for FY08.

FY08 should be good for MFI. Increases to recurring and substantial one-off fees will see overall revenue increase as AUM grow.