After nearly a decade Wrkr is unexpectedly EBITDA positive

Was expecting to be breakeven. So this was an unexpected surprise even though 500K is not much.

This result puts a new perspective on the upcoming SPP for retail for 500K with 6.6m placed already. Suddenly the raise looks "interesting" and appears to be reasonable in size to get resources for potential new business.

Not many shares for retail as well. Was planning to sit this one out but now have to pull out the booklet again.

With the above in mind, there are a number of things to consider

• Strength of the moat. Wrkr platform is one of 9 gateway providers for the STN (Superannuation Transaction Network) under the name Suprestream that communicate with the ATO. In addition, their software is licensed to Precision administration under the name Beam https://www.gngb.com.au/list-of-gateway-operators-and-contacts/

• Need to see if Xero, MYOB etc provides the same functionality below which is being done with KPMG and Workday

• Growth of the Wrkr Pay business which is the clearinghouse for super transactions and compliance. Will ignore Wrkr ready and Benefits as they appear to have gone backward.

• Further reduction in cost to income ratio which has been declining for the last 2 years.
• The large amount of work that may come from the MUFG and Link Group contract to get their customers onboarded (currently still in trial phase I believe)

• Other trails going on such as MUFG HK pension

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CR presso

[held]