Ann: Appendix 4E and Annual Report, page-11

I recently sold out after holding for a few years. I originally bought into FSA due to it providing services to businesses in bankruptcy etc, who did a bit of lending. But now it's reversed and it's a lender, who provides some services to businesses in bankruptcy. I'm obviously slow in reacting, but the latest presentation where FSA now talks about lending before services confirmed my original investment case is no longer appropriate, so I'm out.

Perhaps I timed it badly - I've seen the number of businesses entering bankruptcy is almost back to pre-covid levels and the bottom for the earnings from the services business is well and truly past. I'm happy to sit on the side lines given the bad debts for lending will somewhat offset any bankruptcy services gains.