Australian Consumer had $49m EBITDA for the last half (Dropped a...

Australian Consumer had $49m EBITDA for the last half (Dropped a lot with commander moving to other division)

There arent much assets in retail so would be almost 0 depreciation, but there was $44m in amortization of Customer Intangibles and Software for the company, probably 2/3rds of it attributable to Australian Consumer, so maybe $15m EBIT

So yea, it is pretty tight, but those are sunk costs (for software definitely, and SAC mostly), and thinking about it long term those costs will be written off, in 6 years Amortization is forecast to be $6m for the company.

There is also potential for Retail to improve, it feels pretty gloomy at the moment, even Telstra complaining about costs, in the long term the industry has to be sustainable, and the Labors communications spokesperson mentioned that in a speech yesterday (also expect NBN will have to compete against mobile, but not split other ways like ACCC wants, link below)

We have a good foot in the door with Retail, if we are struggling with our 8%, a lot of smaller companies will be doing it worse, hopefully we can get growth going again through iPrimus, and gradually improve things internally.

http://www.michellerowland.com.au/speech_address_to_commsday_summit_2018_10_april_2018