Extremely impressive numbers.
Salary and wages continue to be reduced as IBN streamlines their processes across businesses units with an additional reductions to occur between now and the end of June.
The relocation of the office to 50 Berry Street North Sydney occurred late November. Savings in this area will exceed 100k per annum going forward, however there were associated relocation and lease marketing costs that were incurred as a result during the quarter.
In addition, costs were incurred relating as expected to the IPG acquisition, including due diligence costs, legals relating to ASX submissions & associated meeting costs. The benefits of the IPG asset acquisition will be accretive to the Company in the long term.
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