If you look beyond the accounting issues and subsequent debt dramas, they've actually done rather well. Much of the competition is gone, and they seem to be purchasing at a good price. And they're going through an upgrade cycle
The imminent debt refinance is big.
At 25% of PDPs collected per year (1H24 exceeded this), 40% employee cost to collections (1H24 lower than this), 9% finance rate and similar "Other"expenses", they're on about 14-15m PBT by my calculations.
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