In addition to the ANZ PDL market not having sufficient (well...

In addition to the ANZ PDL market not having sufficient (well priced) supply, what perhaps is less well understood is how much Collection House/Baycorp/Radio Rentals etc added to that business over the last few years.......and the combination of those 2 factors seems to have really impacted profitability (~10m for 1H24 compared to 1H23).

Also explains why they have had to be so aggressive on the lending side to make up for the ANZ debt collection business and perhaps also the misstep in the US in the PDLs they purchased.......lets hope they have learned their lesson in being prudent around PDLs as well as the lending and not trying to prop up current year earnings just for that to blow up sometime down the track.

What is a little confusing is that net lending has jumped from $45-55m and now revised forecast stands at $140-150m.....a material change with no significant change in the NPAT so are there more issues in the collections business that are not being highlighted or is it a function of they having to provision the loan (to the tune of what seems like ~20%) in the same period they write it hence there is minimal NPAT (or even a loss in that period)