I don't believe you can make such comparisons from 05/06 to 08/09. ccp crashed because it was buying pdl s and collecting all the easy stuff (ie cream off the top),none of the hard to collect was being done, thus profits were escalating and $/hr/employee looked great and share price rocketed but debt was climbing and it was hard to collect debt at that. So you have to look at the quality of the $/hr/employyee ie where within the pdl the money was collected from. Hard Yards or Easy Yards in nrl terms eg q1/07 63% of revenue was debt < 1yr old and 14% revenue >2yrs old debt ; q4/09 it was 32% to 53%. So management emphasis has changed and for the better in the long run. I can remmember reading somewhere that it took 6 mnths to make new staff even competent and 2 yrs before they were good. a long lead time before the payoff.
CCP Price at posting:
$1.74 Sentiment: LT Buy Disclosure: Held
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