Ann: 4Q23 Trading Update, page-4

Yep - pretty solid update IMO.

There was no $$ figure mentioned for the Statutory NPAT in the second half (1st half = $9m), but they did say they will report this about 1 months time with the annual report (obviously).

A few highlights were:

• Revenue for FY23 was $230m – up 60% from $143m last year).
• Cost savings of $20m pa following the Society One acquisition.
• Office operating cost to income ratio now less that 25% (down from 40% in FY22).
• Gross customer receivable now $1.1b showing lower originations (was $1.3b).
• Originations in Q4 = $127m (up from $98m in Q3).
• Equifax score continuing to increase & is now 724 (was 704 in FY22).
• Secured assets now up to 43% (up from 38% in FY22).
• Quarterly nett losses continued to reduce & were 5.6% in Q4 (was 5.9% in Q3). But these Q4 nett losses are still higher than FY22.
• Repayment of $25m in debt from CR proceeds, and now have better loan terms ($6m pa interest savings).
• Extension of the Autopay warehouse until October 2024 (which is towards the end of next year - not this year).
• New $150m personal loan securitisation deal in Q4.
• Unrestricted cash = $16m (was $14m in Q3).
• Cash position expected to increase further in FY24 due to cash optimisation savings & lower interest costs.