itsa figures for oct to dec 2011, page-18

"That's why accounts receivable has ballooned (it's from the change in the mix, not primarily from growth)."

Further to that, I should correct a post made back in March 2011.

Back then, the 25 Feb 2011 presentation said that the number of debt agreements under mgmt grew from 7,180 (2009) to 11,050 (2010) and latterly 14,400 (30% up per the 2011 report).

Looked as though we were growing rapidly, which would flow through to revenue growth.

But what these figures report is the increase in the post 1 July 2007 agreements (type 2), but they don't explain that the older type 1 contracts are progressively maturing and dropping off. Total market share was about 50% right thru and likely to stay the same going forward.

For confirmation, debt agreement revenue is only modestly up (31m 33m 36m). Virtually static in relation to how the account receivable has rocketed. After wracking my brains, the only explanation is that the increase is due to the change in the mix of the agreements, not significant growth in overall agreement numbers.