AGL - Accordant Group. was previously AWF Madison, Allied...

[Snoopy]

Snoops ...surely in saying that Fy18 Profit will be lower than prior year they mean it will be less than $5.9m - which is the reported prior year profit. Can’t be anything else.

Go to the video feed of AGM 2017 Winner

http://www.awfmadison.co.nz/video-aw...ting-july-2017

Fast forward to 21 minutes into the presentation, and listen for the next minute and a bit. Simon Bennett says that the start point for growth is the 'combined business', as though it was owned for the full year. You may be right and I may be wrong. But I will be horribly disappointed if Bennett has done a back flip and retreated to the actual profit figure for FY2017 as a growth baseline.

If that $7.5m if IT division had been there all year is meaningful (ie normalised or something) than FY18 at less than $5.9m is a shocker eh (down 20% plus)

Less than $5.9m will be a shocker. But the company would still be financially strong enough to pay a steady dividend, because capital requirements going forwards are not great.
A reduction in profit to $7m is more what I would expect. Not sure how the earn out payment for Absolute IT ($3.42m estimated, p55 AR2017) will affect the declared profit, but that forecast payment is a oncer.

I am still picking $7m, excluding any one off payments.

Cash flows ‘remain strong’ so maybe the 16 cent plus dividend will be maintained ....while still hoping that the ‘resilience’ and ‘optimism’ they talk about brings better results in the future.

I am keeping the faith, until results show otherwise.

SNOOPY