I wouldn't say it has collapsed. You are right about 10.8 v 10.4 million.
I am going to assume the following statement might be a contributor: "Merchant commission reduced slightly due to a larger contribution of UK merchants with a traditionally lower commission rate compared to ANZ."
I usually calculate GMV by 5.6% (rough guide) however it appears this quarter its GMV by 5.25% (very rough math here). They usually charge approx 5.6% (I have laybuy on my store, and from memory its around here) as a commission for a merchant. I assume, the bigger players are negotiating their merchant fee. I tried negotiating and got nowhere, as a merchant this was frustrating however as a Shareholder I was happy to see they stood their ground haha.
If you separate out the UK GMV and the NZ GMV with the Revenue generated by each you will see the UK market has a lower commission.
The way I calculate could be way off, so to my assumptions. As always, DYOR.
LBY Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
