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Ann: Change in substantial holding, page-37

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govr

2,525 Posts.

10

18/07/18

19:23

Post #: 34431117
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Originally posted by SteveSage ↑

govr
I recall the last time they sold part of their debt ledger in 2016 it helped the results that year (and perhaps masked the poor performance that year too), but combined with the reduced PDL purchases, it impacted the performance going forward (incl now).

The business seems to be transitioning to focus on the collections side (look at the relative contribution over the last couple of half years) which is a lot less profitable then the PDL business and I suspect that is putting a brake on the bottom line growing despite the improvements on the operations side.

The other thing I can't work out is that growing the collections business makes sense if it involves long term contracts (so recurring income that is not dependent on balance sheet and potential writedowns etc), but it seems like they are still fighting to win contracts.

Still hopeful that they can grow both, but i suspect this will be slow & steady progress rather than posting big growth numbers each half

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thanks for your comment, my preference is for slow and steady rather than big bang activities which usually lose the push very fast.

CLH Price at posting: $1.38 Sentiment: Hold Disclosure: Held
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