The recent FXL profit downgrade was a disgrace. The $18.4m of systems and goodwill write off is not non cash as it was spent previously. The $15.7m receivables provisioning shows that management were asleep at the wheel and this should not have happened especially when they claim they have a competitive advantage in credit algorithms. The underlying core business excluding the acquired F&P Finance has fallen from approximately $92m cash NPAT to $73.9 cash NPAT a 20% fall in the core business NPAT.
The FXL CFO David Stevens needs to outline why his forecasts are so different from just 7 months ago. The economy has not fallen off a cliff, but I am sure management have performed abysmally.
I would appreciate any other comments as this is my first ever post on Hot Copper
FY2017 Guidance was not so good?, page-46
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