QuickFee Limited ($QFE)

Thanks very much for taking the time to review this summary FY '26 performance. For those of you who don't know, I'm Bruce Coombes, the CEO at QuickFee. In a nutshell, revenue is down 9%, and our earnings guidance is confirmed. So I'll drill into a little bit of a detail around the revenue, especially across Australia and the United States. But I want to make it clear that we continue to confirm earnings guidance for FY '26 EBTDA in the range of $3.75 million to $4.25 million. You can see a number of the highlighted numbers there. I'm going to go into the detail now. In December 2024, QuickFee U.S.A. originated the two very large loans. Interest on our loans is, as you'd imagine, amortized over the life of loan. So we only bring to income, each month, the interest earned in that month even though the loan was originated sometime prior. The greatest amount of interest is in the first 3 months of the loan. Accordingly, large originations in December 2024 flowed through to January, February and March 2025 in the U.S. business. Those loans were very large to law firms and their clients and did not repeat the very large transactional matters, which of course, just didn't repeat again. That's why revenue was down 44% in the U.S. That was offset by a 12% increase in Australian finance revenue to end up with total revenue of AUD 4 million, down 9% on the previous corresponding period. Our decision to move in disbursement funding a few years ago continues to see growth in that particular service line. Our TTV was up 23% in the quarter to $2.7 million. Fee funding remained relatively steady at $12 million TTV. We've recently signed 2 significant new personal injury law firms, one in Queensland and one in New South Wales, and we expect these to deliver $10 million in DF originations over the first 12 months with us. Our net interest margin remained strong at 15.3%. Now NIM is, of course, a function of 2 things: interest received and interest paid. Changes to interest paid not reflected in interest earned can compress NIM in the medium term. At 15.3% for the very low level of risk that QuickFee takes, we're proud to have that level of NIM in our business. And again, we confirm our guidance for the FY '26 EBTDA $3.75 million to $4.25 million. There's a summary slide there that shows what QuickFee does, and we always include this for any new shareholder that might not have seen this before. Many of our shareholders have been with us for quite some time so should understand that we lend money to the clients of accounting and law firms so they can pay for commercial services received from such firms, and we also lend money to personal injury law firms to cover disbursements in the typical plaintiff claims business. We focus entirely on accounting and law firms. Whilst we have a small amount of other professional services firms, which we're very pleased to have as our customers, the vast majority of our lending is to either clients of accounting and law firms or to law firms. This is why we have such a low-risk lending model and particularly emphasizes the level of NIM that we achieved against a very low level of risk. We have capacity to grow. We have a significant undrawn element of our lending facility from Viola. We have plenty of capacity to grow our business. And as we mentioned earlier, significant recent signings and disbursement funding are able to be funded out of that book -- out of that lending facility to grow our book. We exited the BNPL business, which was substantially Jim's Pay Plan and Q Pay Plan some time ago, and that book is now in runoff. That explains the reduction in the left-hand side of this slide on the elements of the book. NIM has continued to grow. This is a function of selection of quality borrowers that are prepared to pay an attractive interest rate for us and a very simple application process for them. And as I mentioned earlier, part of our lending facility is tied to RBA cash rates and similar benchmarks. So changes in those have the capacity to impact NIM over the medium term. Moving to Australia, some of our greatest growth has come from additional focus on the legal industry. We've served accounting firms for 15 years and lawyers for most of that time, and most of our growth now comes from law firms, the uptake of our solution across the legal market continues to grow, and there is a lot left in that market. In the United States, a lot of the time consumed between 1 January and 15 April is in the preparation and lodgement of enormous number of tax returns. This means that it's difficult to sell to many accounting firms during that period with 15 April being the key lodgement date that is now behind us. Our reseller, Aiwyn, which is the company which acquired the QuickFee payments and software businesses in September last year, now has a sales team able to focus on selling the QuickFee solution into their established base and also to their new customers. We continue to have a singular management focus on growing finance in Australia and the United States. This has always been the highest margin solution across the QuickFee range of solutions and is our sole focus. Aiwyn is our reseller, and we're excited to have them and their customer base exposed to the QuickFee Finance business. We have very little product development and capital expenditure requirements moving forward, and that enables us to expect to pay a final FY '26 dividend and allows us to expect to pay a special dividend of approximately $0.01 per share in Q4 of calendar '26 when we receive the balance of the sale proceeds from the Aiwyn transaction. The majority of that balance is an escrow amount due in around September 2026. We continue to look at other potential inorganic opportunities and are pleased to confirm the guidance of $3.75 million to $4.25 million before accounting for the large profit on sale, which occurred when we sold to Aiwyn. I'll leave up the slide in relation to any questions. Thank you very much for being an investor and thank you very much for taking the time to listen to this presentation.