Ann: Wisr Delivers 118% Revenue Growth for FY22, page-13

Very much a sector issue at the moment. I do think that when we reach peak inflation/peak monetary tightening/ peak interest rates, WZR will be in the best position to enjoy the recovery.

In the meantime, they seem to have higher quality credit compared to some of their competitors, with a healthy cash balance ($70m restricted + unrestricted) and a renewed focus on costs & profitability which should enable them to weather any storm in the interim.

If they can move some of their funding from warehouse to ABS then this may also release some of the restricted cash.

Chart below - 12month comparisons with Plenti, Money Me, Harmoney - all down 60% to 80%