Ann: Appendix 4E and FY23 Annual Report, page-2

Very underwhelming result from CCV.

Revenues up very strongly by $55mil on 2022, which is a great result. But not much of it dropped thru to the bottom line.

Profit was then eroded by increased financing cost, higher corp cost and 2022 Greenlight auto had a provision release so 2023 profit was less even tho revenue was up. NZ was a $1.6mil negative even tho they now own it and should be more profitable.

With the full year benefit of NZ, 12 months of the UK acquisition and growth in the loan book I expect 2024 revenue to by up by $60 to $70 mil.
How much drips thru to the profit line is anyone’s guess. That is probably why this trades at such a discount and there are very few buyers for the shares that major holders want to dump.

The management really need to do a better job of telling us what the underlying profitability is this business looks like.