Compared to same period last year settlements has gone down from...

Compared to same period last year settlements has gone down from $5.4bn to $4.5bn for the quarterly period and book size has increased by $57.1bn to $61.4bn. Whilst the year-on-year increase looks good the quarterly settlements figures reported each quarter would indicate existing book churn as well. A circa 7.5% increase in book size over the year is ok in my book. However, the cashflow is where the changes are concerning. Deficit for quarter 12 months ago was $0.3m and this is now gone to $1.5m. Based on section 8.5 of the quarterly report this means the business can fund itself for 6.7 quarters compared to last year when it could fund itself for 43.7 quarters. In my view they have built a nice business but it's not going to show its value in SP terms unless someone buys it. Given the size of book, a good broker business in VOW, a product funding arm, etc I hope they are looking for a buyer or buyers. IMO.