Yes and there is a corresponding beef up in the payables..... as...

Yes and there is a corresponding beef up in the payables..... as has been the case in every half yearly and annual report since day dot as this is the business. This line reflects the industry standard commission structure where the rate of commission increases as loans in YBR's book get older.

The NTA in this report is compelling, and it genuinely looks like this business is turning around. Pleasing to see the company also upfront about the drop in NPV of the loan book.

I cannot however work out how to calculate the 'cash profit' which Bouris refers to in his report. Anyone able to help out with a breakdown?