Happy new year punters!The bankruptcy figures for the Oct to Dec...

Happy new year punters!

The bankruptcy figures for the Oct to Dec 2012 quarter were released today by the ITSA.

As we know, debt agreements are the life blood of this company. The growth in the number of agreements continues unabated. The December quarter was the highest quarter on record with 2510 arrangements entered into. Calender year 2012 resulted in 9631 arrangements, an increase from 8122 in 2011.

What is interesting is comparing the previous quarters statistics. In the last five plus years the December quarter is traditionally lower than September quarter. Not this year.

While the percentage of these agreements obtained by FSA is unknown, the last four financial years has seen FSA with a market share of 54%, 51%, 53% and 50%.

When I was at the AGM late last year, it was reported that the September 2012 quarter result was impressive.

Provided their market share has not deteriorated dramatically, I think we can expect a bumper first half.

The fact that the buyback has stalled would suggest a healthy dividend is on its way. Stay tuned, this one is a keeper.