Mixed bag to my eye, haven't finished reading though.
Their 'active customers' number is a very big concern - because ZIP defines an active customer as any account which has made any transaction in the last 12 months, I think we are now seeing the lagging effect of people getting off the service. From Q3 to Q4 this year there are now 1,000,000 less 'active' accounts. Suspicious that has been temporarily offset by the massive increase in prices (explains why revenue is still decent), but not sure a weak consumer can prop this business up in its current state going forward.
Ann: Q4 FY23 Results Update - Zip Continues to Deliver, page-12
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