Ann: Appendix 4D and Half Yearly Report, page-4

fundamental problem:
a) they can't get as cheaper access to finance as the banks, they don't have customer deposits paying still nearly zero interest rates (think personal savings accounts, business cheque accounts etc). This effects their net cost of finance.
As interest rates rise this becomes more pronounced.

b) Their services income is still declining, as not enough people going bankrupt.

I like this company, but its not the season for taking a position yet. I held before, but saw the writing on the wall and managed to exit at higher share prices.

I will be back one day, as I like the company.