Ann: HY22 Results - Date Change, page-102

No it's really simple

We take the financial reports and analyse each income line for Customer numbers, value of transactions, repeat usuage.

We also analyse each expense line

Bank and Data fees,
Marketing,
Employment Costs
Interest Expense
Bad Debts

All the metrics are heading in the wrong direction apart from interest expense but as interest rates rise that to will head in the wrong direction.

The simple fact is customers are not using it in any meaningful way, and Transaction values are falling and processing costs are increasing.

They rolled the dice with a huge marketing spend and rebrand and all metrics are still not improving.

Even if they halve bad debts which is highly unlikely they will still not make a profit and insolvency is inevitable.