Ann: CLH Chief Executive Matthew Thomas to retire, page-81

The reference to the negative EPS was in relation to it falling from last year to this year.
Part of the EPS fall is simple mathematics of lower PDL purchases and this lower collections . Then there has also been a slight drop in level of collections thus the restructure of operations.
I think it's important to remember the business is relatively diversified and the collection services business will generate revenues and earnings without the need for purchases
As to the previous poster comment about gearing , it has been around 40% for the last 4 years so no real change.