Ann: FXL - Full Year 2020 Trading Update, page-48

you can only clear the decks so many times in a CEO's tenure. this is the 3rd for RJ.
not a great result by any stretch.

• 16% growth YoY. Covid impact really only on 3 out of 9 months trading where was the growth in the first 3 quarters?
• rest of BNPL sector spruking that second half was strong in sales/customer growth as everyone shifted to purchasing on line (as did last update form fxl) where are the results here?
• provision of $31m in B&D when lending is your core competency of being in business and fxl should be better than most based on mature loan book, this part should worry most as prior years the credit model was highlighted as the best in industry, not sure the risk team here is up to the shift in business model/strategy.
• cash NPAT 5 years ago was in the high $80m yoy now holders are applauding $60m......

i dont quite get the celebration on this update, not sure if the turnaround strategy has quite hit the mark.......