I'm calling it! This is the bottom !!!!!, page-391

Again, my concern is that the escalation of bad debts has NOT deterred management from the aggressive 'land grab'.
Whatever the confidence in 'finding' the good customers and eradicating the bad, the current trajectory MUST change.

Who on earth would become a substantial investor with these sorts of figures:
Z1P
FY2021 rev 402 mill, increase 151% (FY2020)
Bad debts 124 mill, increase 129% (31% of revenue)

H12022 rev 302 mill, increase 77% (from H1 2021)
Bad debts 148 mill, increase 402% (49% revenue)

Why did management 'let the hand break off' bad debts (not that it was ever actually applied)?
When ever is it shrewd business practice to allow for such a massive explosion of bad debts?

Don't credit checks actually work?
Where did the system break down?
How are the holes being plugged?

If Z1P DOESN'T change it's trajectory:
Bad Debts:
H1 2021 30 mill
H2 2021 94 mill (213% increase from prior half)
H1 2022 148 mill (57% increase from prior half)
H2 2022...315 mill (IF same H2 increase as prior YEAR)

FY2022 bad debts 463 mill

What guidance has been given...if any?