Ann: Appendix 4E and Annual Report, page-12

1hFY24 shows the business still in turn around.
Their lending division profit going backwards due to higher interest rates effecting their ability to borrow cheaply (and with 46% of their lending being fixed with a contract period of 5yrs). RBA rate increases badly effecting fixed loans issued pre 2024 (ie fixed loans issued pre the RBA rate high cycle).

Losses on unsecurred loans and asset financing also increasing.

Continued reductions in service department income (assisting people with bankruptcy, and debt agreements) has placed that segnment now into a loss of $2.1m (although FSA hopes this turns around to become profitable in FY25)

Of concern to be EPS for the half has declined to 2.5c but they are still paying out a dividend of 3.5c (ie more dividends than profit earnt)


I am still on the sidelines, watching, but given the half year results, I am happy to be patient and wait.
Not interested in initiating a position at current share prices.