Result is a great one. But was expected as the legislation...

Result is a great one. But was expected as the legislation changes in QLD didn’t really kick in and effect revenues yet.

The concern for this stock, which is why it is trading where it is, is all about the future. They have a large income stream that requires replacing as a result of these legislation changes and the market is waiting to see what CCV can do about it.

Expansion into UK looks like it is going well which is a big positive and revenue growth from other parts of the business was strong.

Very strong balance sheet, maintaining dividend shouldn’t be a problem and 10.7% f.f in this market is very attractive. Yes there are higher yields out there but I believe the yield on this one will be maintained, no questions. The same cant be said for a large number of the other high yielding ("yield trap") stocks.

They didn’t provide earnings guidance for '09 which was disappointing, but I guess with the restructuring that is occurring, it may be hard to forecast at this stage. Particularly given that they have provided '09 numbers in the past.

CCV for me remains a very comfortable hold on the yield alone, and as the coming year progresses and forecasts are given by the company, we will get a better idea of how the business will cope with reduction of profitability in the lending business.