Sorry if I misinterpreted your post. If you are alluding to the drop in funding (PDL and lending combined) yes your correct H2 was about $13m less.
Out of that only about $1m and change went to improving FCF for the half. So it is a valid question - where did the money go.
Looking at the PnL we can see that Employee costs rose in-line with revenue, occupancy was a small rise, collection flat, but "other expenses" doubled over the year (with most of the increase in H2).
Unfortunately we do not get a detailed rundown of 'other expenses', but I am guessing that it is related to provisions (US restructure?) or ramp up costs with the lending biz.
Anyone with insight into this would be helpful...
All in all though, I don't think this is a red flag and am not spending too much time dwelling on it.
CCP Price at posting:
$9.02 Sentiment: Buy Disclosure: Held
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