Pinned straw:
You beat me to it @barney . These were my thought on the results.
Fairly mediocre results. NPAT declined 5% to $91.3m, despite revenue increasing 15% to $473.4m. This was towards the bottom end of its guidance. The market reacted fairly savagely. Decline in ANZ collections business is offset by growth in US collections, with a very strong PDL pipeline, but the productivity of US collections operation is not yet good enough to drive significant profitability. The consumer lending business has grown very strongly (revenue +58%), with in-tolerance delinquency rates, and has helped the overall NPAT result be better than otherwise. NPAT target for FY24 is $90-$100 million, i.e. in same range as FY22 so zero growth.
This article provides useful background colour on the state of the ANZ distressed credit market - basically consumers are not very distressed, hence the PDL opportunities are not there. The US by contrast is likely to experience significantly higher opportunity.