Thanks for the kind words. The foray into the US wasn't always...

Thanks for the kind words.

The foray into the US wasn't always looking like it would succeed. Sometime around FY16/FY17 things started to click, particularly in the areas of cost-to-collect efficiencies, and they've since gone from strength-to-strength.

It's hard to overstate the PDL opportunity in the US. The market is over 10x the size of Australia. And Credit Corp can also run the existing playbook of running consumer lending after that. The runway is still exceedingly long in its existing geographic markets.

I have the feeling that Credit Corp is a much better collections company than its US competitors. Admittedly, last time I looked at the competitor's accounts was a few years ago, and they all looked like debt-ridden zombies back then. The current high(er) interest rate environment will be very detrimental to businesses with high debt levels.

One curious thing to note ... CCP stopped reporting their "cost to collect" in the US segment in the latest set of presentations. Most publicly listed companies would drop a metric once it doesn't fit the positive narrative management is attempting to maintain. However in this case, I think they've reduced the cost-to-collect from 35.7% to 32.1% from FY21 to FY22.

The company holds a conference call for the half and full year results - it's happening on 1 Feb 11am. Serious investors may want to dial in. There's an investors inquiry form one can fill out on their website to request an invite.