Ann: Preliminary Final Report , page-25

RAB - Not sure how they've calculated their revenue per hour figures as averaged out they're well above your calculated figure of $172 hr, so its hard for me to comment fairly on those.

In terms of my ascertaition that they are overstaffed i reviewed the 05 position compared to the current.

05, Current Assets (Debt Ledgers) $16,341,381
05, Staffing Level: 80
05, Current Assets/PFTE Ratio: $204,267
(From the 05 Financial Report)
09, Current Assets (Debt Ledgers) $61,935,000
09, Staffing Level: 435
09, Current Assets/PFTE Ratio: $142,379

I note that the increase of 30 FTE from 08 to 09 being 7% FTE increase resulted in

Since 65% of there revenue comes from a payers base, accounts which are under an existing repayment arrangement, this means 35% of there revenue is generated by 435 employees, excluding the relativly small number required to oversee the repayment agreements. Considering that the 07 results suggested only 45% of revenue came from this source I can only assume the 05 figures suggest a smaller percentage again. Surely staff numbers should account for workload.

Operationally i'd like to see a reduction in staff numbers, assignment of workflow to different revenue streams for maximised efficiency, and some degree of focus on skill development to enable the staff to develop a skill level in the direction of staff from the 05 period who, while operating in a sentimentally more positive time were dealing with consumers who had actually less disposable cash, due to higher mortgage interest rates and petrol prices, than current.

That said this post comes across as pretty negative so i'll highlight a few of the positive things i see:

The reduction in borrowings / net assets should reduce interest payable in future years and increase NPAT accordingly.
Earnings per share has doubled, and is now comparitivly placed between the 05 and 06 results.