Ann: Investor Presentation - Half Year Results, page-2

Unsurprisingly good results.
This is now a growth company, with a PE this year of under 10. Its still great value at this price in my opinion.

Current management have done a great job at turning the ship around and its now setting off in the right direction and gathering a bit of momentum. They haven't missed any guidance in the last couple of years and now they are saying they are growing again, we can believe them, even before checking the evidence in the financial statements.

Their net loans from the statement of cash flows saw an impressive increase of $40 mil over the half. The balance sheet is strong enough to support that level of loan growth for some time, with $100 mil cash in the bank and currently generating around $20mil per annum and growing, the current strength of the balance sheet and the business should open the door to more financing leverage as well.

The only problem with that level of growth is that it means no dividends yet... of course the longer we wait for them the better they will be when they arrive.
As an idea - if they didn't need any cash for loan book growth - they would be generating enough to pay out around a 4c div per annum. That would of course put a rocket under the SP immediately. It appears that by the time the loan book stabilizes there should be a good bit more available to for divs pay out than that.

Lets see how much growth they achieve over 2H now, shame that we have to wait another 6 months... hopefully they will feed us some positive news before then.