Ann: Half Yearly Report and Accounts, page-2

Great result, especially in light of the barrage of changes surrounding debt agreements. Clearly a management team that is prepared.

Adoption of new accounting standards also make it easier to translate to cash expectations, as opposed to realizing the fees up front then generating cash over time.

Best of all, securing a mezzanine facility will happen before the $100m personal loan milestone it seems. Winning.

Just two items of concern:
- Elevated level of 30 day arrears in the Personal Loan book (that said, 3.2% is still low compared to say, Money3)
- Signing of documentation by Westpac pushed out to March.