The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst
: Rob, Stephen, couple of questions. Maybe just starting on the number of brokers sort of through the network. It does look like there was quite a
large number of mergers through last half, I think, close to 30. So just interested on sort of what's going on there, what's driving that and potential
implications down the track? I mean if those nonequity brokers are extracting more efficiency, what implications that has as to sort of, I guess,
acquisition costs going forward?
Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst
: Okay. And the drivers of that sort of merger activity in that nonequity channel? I mean can you just give us a little bit of color around what's
occurring?
Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst
: Okay. And just quickly on the timing around the deals you completed in the half just gone. I think at the AGM from memory, you said about $4
million of completed EBITA and now it's sort of closer to 11%. So presumably, that was done very late in the half, so we've still got half a year
contribution of that will come into the '23 year? Is that the way to think about it?
Question: Kieren Chidgey - Jarden Limited, Research Division - Analyst
: And maybe just a final question on Coverforce, Rob, I think you mentioned in your opening remarks, it's traveling well. I just wanted to check a
couple of numbers because of the FY '21 result, I think sort of the implied metrics and value you paid for the business suggest that you're expecting
around $33 million of -- I think it was actually EBITA.
So a little bit inconsistent with the $10 million EBITA contribution you've shown your Stead accounts for Coverforce coming through first half '22?
So it seems to be tracking a little bit behind that FY '21 -- behind FY '22. Is that just pure seasonality around sort of obviously a stronger April renewal,
June quarter renewal?
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