One of the most unusual statutory presentations of FY23 results by SEQ, and one which has being unappreciated by analysts.

For starters, the company elected to display the Morrison results on one line - basically as net profits from disposed of division’.

so when you read the actuals presented by Refinifiv and others, it totally distorts a number of key indicators - such as rev, EBITDA increases or decreases etc.

Yes, Garry Croll covered these in his presentations and videos, along with a string of adjustments to get ‘normalised’ results (which I hate, particularly since this now appears to be an annual inclusion).

The results were lousy - we were prepared for that - and the future looks much brighter - but go back one year and GC was similarly optimistic. I like GC, I do, but he is now on watch to ensure the FY24 actuals back up the vision.

I do like his quirky invention of ROME - Return on Managements Estimates (of the value of the sum of the parts). Currently he sees the sum of the parts adding up to $135m against a market cap of around $70m

i did stump up and buy more in RL because of the value of the grossed up special dividend and the cash warchest following Morrison completion and his mentioning strong performances in the final months of FY23 and continuing into July and August. Plus increasing your pool of financial advisors by 5% when the industry lost 35% says they must be regarded highly..

But, I will be watching their approach to deploying the cash.