Q4 2026 Credit Corp Group Ltd Earnings Call
Thomas Beregi: -through of the presentation. There is a recorded version of that which you can access through our website, and there's certainly the relevant links on materials that will take you through to that. I invite you to view that. This call is all about addressing your questions. Without further ado, I'll hand back to the operator and receive those questions so that we may respond.
Thomas Beregi: -through of the presentation. There is a recorded version of that which you can access through our website, and there's certainly the relevant links on materials that will take you through to that. I invite you to view that. This call is all about addressing your questions. Without further ado, I'll hand back to the operator and receive those questions so that we may respond.
Speaker #1: Through of the presentation. There is a recorded version of that, which you can access through our website, and there's certainly the relevant links on materials that will take you through to that.
Speaker #1: So I invite you to view that, but this call is all about addressing your questions without further ado. I'll hand back to the operator and receive those questions so that we may respond.
Speaker #2: Thank you. Once again, if you would like to ask a question, please press star 1 on your telephone and wait for your name to be announced.
Operator: Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you would like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Simon Fitzgerald from Jefferies. Please go ahead.
Operator: Thank you. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you would like to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Simon Fitzgerald from Jefferies. Please go ahead.
Speaker #2: If you would like to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask a question.
Speaker #2: Your first question comes from Simon Fitzgerald from Jefferies. Please go ahead.
Speaker #3: Hi there. Thanks for taking my question. Just wanted to firstly ask you, Thomas, just in regards to the U.S. environment. You talked about the collection experience remaining consistent with mid-2023.
Simon Fitzgerald: Hi there. Thanks for taking my questions. Just wanted to firstly ask you, Thomas, just in regards to the US environment. You talked about the collection experience remaining consistent with mid 2023. Just sort of three parts to this. I remember in 2023 that we did see a pickup in the H2. Sorry, a decline in the H2. It was down around 4% from memory. This time around in 2026, we've seen a 10% improvement in the H2 cash collections over the H1. Just wanting you to address that. Also is this in relation to delinquencies, late payments, and repayment plans? Is this something you've seen in the last quarter or the last month? Just sort of trying to get a bit of a handle then in terms of how the experience has changed.
Simon Fitzgerald: Hi there. Thanks for taking my questions. Just wanted to firstly ask you, Thomas, just in regards to the US environment. You talked about the collection experience remaining consistent with mid 2023. Just sort of three parts to this. I remember in 2023 that we did see a pickup in the H2. Sorry, a decline in the H2. It was down around 4% from memory. This time around in 2026, we've seen a 10% improvement in the H2 cash collections over the H1.
Speaker #3: Just sort of three parts to this. I remember in 2023 that we did see a pickup in the second half—sorry, a decline in the second half.
Speaker #3: It was down around 4% from memory. This time around in 2026, we've seen a 10% improvement in the second half cash collections over the first half.
Speaker #3: So just wanting to address that. But also, is this in relation to delinquencies, late payments, and repayment plans? And is this something you've seen in the last quarter or the last month, just sort of trying to get a bit of a handle then in terms of how the experience has changed?
Simon Fitzgerald: Just wanting you to address that. Also is this in relation to delinquencies, late payments, and repayment plans? Is this something you've seen in the last quarter or the last month? Just sort of trying to get a bit of a handle then in terms of how the experience has changed.
Speaker #1: Yeah, so we're not seeing degradation in any of those underlying metrics, such as the ones you've referred to. In fact, they're consistent. They haven't significantly improved either, so delinquency conversion rates on repayment arrangements, they're all relatively static and have been static since that experience in 2023 that you referred to.
Thomas Beregi: Yeah. We're not seeing degradation in any of those underlying metrics, such as the ones you've referred to. In fact, they're consistent. They haven't significantly improved either. Delinquency, conversion rates on repayment arrangements, they're all relatively static and have been static since that experience in 2023 that you referred to. Obviously, we've elevated our purchasing. A lot of that concentrated in the H1 of the year. We've had the tax season. On top of that, the acceleration in performance from our legal channel. That has all contributed to a very strong finish to the year and a very strong H2.
Thomas Beregi: Yeah. We're not seeing degradation in any of those underlying metrics, such as the ones you've referred to. In fact, they're consistent. They haven't significantly improved either. Delinquency, conversion rates on repayment arrangements, they're all relatively static and have been static since that experience in 2023 that you referred to.
Speaker #1: We've seen obviously we've elevated our purchasing a lot of that concentrated in the first half of the year, and then we've had the tax season and on top of that, the acceleration in performance from our legal channel and that has all contributed to a very strong finish to the year and a very strong second half.
Thomas Beregi: Obviously, we've elevated our purchasing. A lot of that concentrated in the H1 of the year. We've had the tax season. On top of that, the acceleration in performance from our legal channel. That has all contributed to a very strong finish to the year and a very strong H2.
Speaker #3: Okay. Can you talk about consumer sentiment in the U.S. as well, and whether that's how you see that impacting cash collections experience for FY27?
Simon Fitzgerald: Okay. Can you talk about consumer sentiment in the US as well and whether that's how you see that impacting cash collections experience for FY27?
Simon Fitzgerald: Okay. Can you talk about consumer sentiment in the US as well and whether that's how you see that impacting cash collections experience for FY27?
Speaker #1: Yeah. So our metrics suggest that consumers are no less or no more reluctant to enter repayment arrangements. So we're getting those metrics that we have been getting in terms of converting contact with one of our consumers into a paying outcome that certainly hasn't degraded.
Thomas Beregi: Yeah. Our metrics suggest that consumers are no less or no more reluctant to enter a repayment arrangement. We're getting those metrics that we have been getting in terms of converting contact with one of our consumers into a paying outcome. That certainly hasn't degraded. It seems to be that the consumers are still reasonably positive about their prospects to maintain their employment. That's often a key driver. Rising unemployment and people being fearful of their jobs will create a reluctance to reach agreement on repayment outcomes. We haven't been seeing that in our business. We can see the direct impact of some of our operational improvements coming through as well. Yeah, the consumer in the US still seems to be hanging in there despite or at least the consumers we deal with. They're not going to be the mainstream US consumers.
Thomas Beregi: Yeah. Our metrics suggest that consumers are no less or no more reluctant to enter a repayment arrangement. We're getting those metrics that we have been getting in terms of converting contact with one of our consumers into a paying outcome. That certainly hasn't degraded. It seems to be that the consumers are still reasonably positive about their prospects to maintain their employment. That's often a key driver. Rising unemployment and people being fearful of their jobs will create a reluctance to reach agreement on repayment outcomes. We haven't been seeing that in our business. We can see the direct impact of some of our operational improvements coming through as well. Yeah, the consumer in the US still seems to be hanging in there despite or at least the consumers we deal with. They're not going to be the mainstream US consumers. The people we deal with seem to be in a similar position to that which they were in a few years ago.
Speaker #1: And it seems to be that the consumers are still reasonably positive about their prospects to maintain their employment so that's often a key driver, rising unemployment and people being fearful of their jobs will create a reluctance to reach agreement on repayment outcomes.
Speaker #1: And we haven't been seeing that in our business, and we can see the direct impact of some of our operational improvements coming through as well.
Speaker #1: So yeah, the consumer in the U.S. still seems to be hanging in there despite or at least the consumers we deal with. They're not going to be the mainstream U.S.
Speaker #1: consumers, but the people we deal with seem to be in a similar position to that which they're in a few years ago.
Thomas Beregi: The people we deal with seem to be in a similar position to that which they were in a few years ago.
Speaker #2: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.
Operator: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.
Operator: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.
Speaker #3: Hi Thomas. Thanks for taking my question. Just in terms of the in the press release in the last sort of paragraph above the consumer leanings at the bottom of the U.S.
Tim Lawson: Hi, Thomas. Thanks for taking my question. In the press release, in the last sort of paragraph above the consumer lending at the bottom of US debt buying, you talk about the pipeline and investment of sort of 100 to 130, but then you sort of go on to say improved competitiveness. Can you just maybe sort of expand on whether you think you can sort of meet the pricing of the market or you're uncomfortable with the pricing of the market? Maybe just talk a little bit more about that, please.
Tim Lawson: Hi, Thomas. Thanks for taking my question. In the press release, in the last sort of paragraph above the consumer lending at the bottom of US debt buying, you talk about the pipeline and investment of sort of 100 to 130, but then you sort of go on to say improved competitiveness. Can you just maybe sort of expand on whether you think you can sort of meet the pricing of the market or you're uncomfortable with the pricing of the market? Maybe just talk a little bit more about that, please.
Speaker #3: debt buying, you talk about the pipeline and investment of sort of 100 to 130, but then you sort of go on to say improved competitiveness.
Speaker #3: So can you maybe sort of expand on whether you think you are you trying to say that you think you can sort of meet the pricing of the market or you're uncomfortable with the pricing of the market?
Speaker #3: Maybe just talk a little bit more about that, please.
Speaker #1: Yeah. Look, thanks, thanks for the question, Tim. Look, I guess not every bidding process is they're not all homogeneous. Different things occur. And potentially we have advantages on some files and don't enjoy the same on others.
Thomas Beregi: Yeah. Thanks for the question, Tim. I guess They're not all homogenous. Different things occur. Potentially we have advantages on some files and don't enjoy the same on others. We've seen recently a couple of large retendering processes where we were outbid, and we couldn't see a way for us to bid the winning prices and still deliver our returns. Nonetheless, there have been smaller opportunities where we have been competitive and we have been able to secure volume, even as recently as the last 6 weeks or so. While there is generally a bit more pressure in the market, there are still opportunities that we can secure. We probably don't expect to add significantly to our pipeline over the next 3 or 4 months.
Thomas Beregi: Yeah. Thanks for the question, Tim. I guess They're not all homogenous. Different things occur. Potentially we have advantages on some files and don't enjoy the same on others. We've seen recently a couple of large retendering processes where we were outbid, and we couldn't see a way for us to bid the winning prices and still deliver our returns. Nonetheless, there have been smaller opportunities where we have been competitive and we have been able to secure volume, even as recently as the last 6 weeks or so. While there is generally a bit more pressure in the market, there are still opportunities that we can secure. We probably don't expect to add significantly to our pipeline over the next 3 or 4 months. Towards the end of the calendar year and in the new calendar year, there ought to be some good opportunities for us to add to our pipeline.
Speaker #1: So we've seen recently a couple of large retendering processes where we were outbid and we couldn't see a way for us to bid the winning prices and still deliver our returns.
Speaker #1: Nonetheless, there have been smaller opportunities where we have been competitive and we have been able to secure volume even as recently as the last six weeks or so.
Speaker #1: So while there is generally a bit more pressure in the market, there are still opportunities that we can secure. We probably don't expect to add significantly to our pipeline over the next three or four months, but towards the end of the calendar year and in the new calendar year, there ought to be some good opportunities for us to add to our pipeline.
Thomas Beregi: Towards the end of the calendar year and in the new calendar year, there ought to be some good opportunities for us to add to our pipeline.
Speaker #3: Yeah. So thank you for that. You talk about sort of a large number of seller relationships, but there is a little bit of a concentration in that U.S.
Tim Lawson: Yeah. Thank you for that. You talk about sort of a large number of seller relationships, but there is a little bit of a concentration in that US book. Are you suggesting that you'll see some of those small relationships expand and get a bit more diversification in terms of what you're able to invest in across or outside those sort of two or three key volume providers?
Tim Lawson: Yeah. Thank you for that. You talk about sort of a large number of seller relationships, but there is a little bit of a concentration in that US book. Are you suggesting that you'll see some of those small relationships expand and get a bit more diversification in terms of what you're able to invest in across or outside those sort of two or three key volume providers?
Speaker #3: book. Are you suggesting that you'll see some of those small relationships expand and get a bit more diversification in terms of what you're able to invest in across or outside those sort of two or three key volume providers?
Speaker #1: Yeah, that's right. I mean, obviously our share of the market is quite small, and what we're guiding at is just a few percent of the market.
Thomas Beregi: Yeah, that's right. Obviously, our share of the market is quite small and what we're guiding at is just a few % of the market. We do have a number of relationships that are delivering us purchasing volume at the moment, and there's others that we've had historically as well that are potential opportunities. Yeah, look, while there's a lot of interest in large volumes from the large sellers, some of the smaller files and smaller products that even those large sellers put to the market are not as keenly contested or potentially better suit our strong internal collection platform. We tend to be more competitive on those. Yeah, they're the sort of opportunities that we'll be pursuing that should enable us to build our pipeline.
Thomas Beregi: Yeah, that's right. Obviously, our share of the market is quite small and what we're guiding at is just a few % of the market. We do have a number of relationships that are delivering us purchasing volume at the moment, and there's others that we've had historically as well that are potential opportunities. Yeah, look, while there's a lot of interest in large volumes from the large sellers, some of the smaller files and smaller products that even those large sellers put to the market are not as keenly contested or potentially better suit our strong internal collection platform. We tend to be more competitive on those. Yeah, they're the sort of opportunities that we'll be pursuing that should enable us to build our pipeline.
Speaker #1: So and we do have a number of relationships that are delivering us purchasing volume at the moment, and there's others that we've had historically as well that are a potential opportunity.
Speaker #1: So yeah, we'll look at while there's a lot of interest in large volumes from the large sellers, some of the smaller files and smaller products that even those large sellers put to the market are not as keenly contested or potentially better suit our strong internal collection platform.
Speaker #1: So we tend to be more competitive on those. So yeah, they're the sort of opportunities that we'll be pursuing that should enable us to build our pipeline.
Speaker #3: Yeah. Okay. And maybe just a second question in terms of the inside six of the presentation specifically on the Australia and New Zealand consumer lending part of the business, you sort of break down and provide some good detail there on sort of the medium-term and long-term aspirations, but just concentrating on that medium-term number, you can sort of see that while it was a low single digit, but can you talk growth, but can you talk more about sort of was it the auto loans and then ultimately to the UK, like how you've sort of spec those 100 million, 150, and then the range for the UK in terms of book size opportunity?
Tim Lawson: Yeah. Okay. Maybe just a second question in terms of in slide six of the presentation, specifically on the Australia and New Zealand consumer lending part of the business. You sort of break down and provide some good detail there on sort of the medium-term and long-term aspirations. Just concentrating on that medium-term number, you can sort of see the Wallet Wizard low single digit. Can you talk more about sort of Wizard, the auto loans, and then ultimately to the UK, like how you've sort of spec'd those AUD 100 million, AUD 150 million, and then the range for the UK in terms of book size opportunity?
Tim Lawson: Yeah. Okay. Maybe just a second question in terms of in slide six of the presentation, specifically on the Australia and New Zealand consumer lending part of the business. You sort of break down and provide some good detail there on sort of the medium-term and long-term aspirations. Just concentrating on that medium-term number, you can sort of see the Wallet Wizard low single digit. Can you talk more about sort of Wizard, the auto loans, and then ultimately to the UK, like how you've sort of spec'd those AUD 100 million, AUD 150 million, and then the range for the UK in terms of book size opportunity?
Speaker #1: Yeah. So certainly was it is has a solid demand and you can see it accounted for 70% of our new customer volume as a new product.
Thomas Beregi: Yeah. Certainly, Wizard has a solid demand, and you can see it accounted for 17% of our new customer volume as a new product in the year just gone. Look, there's ongoing work, and we're always looking at new channels for our products. Yeah, look, I think we'd be looking to grow the book, probably close to double it over the year ahead. Then sort of accelerate from there. What we found with the development of Wallet Wizard was, you get to a point where there's more customer recognition, and that just enables you to perform better through your advertised channels. You get improved efficiency as your general awareness lifts. So we'd probably be looking to accelerate growth in that in about 12 months time.
Thomas Beregi: Yeah. Certainly, Wizard has a solid demand, and you can see it accounted for 17% of our new customer volume as a new product in the year just gone. Look, there's ongoing work, and we're always looking at new channels for our products. Yeah, look, I think we'd be looking to grow the book, probably close to double it over the year ahead. Then sort of accelerate from there. What we found with the development of Wallet Wizard was, you get to a point where there's more customer recognition, and that just enables you to perform better through your advertised channels. You get improved efficiency as your general awareness lifts. So we'd probably be looking to accelerate growth in that in about 12 months time.
Speaker #1: In the year just gone, so look, there's ongoing work and we're always looking at new channels for our products, but yeah, look, I think we'd be looking to grow the book probably close to double it over the year ahead.
Speaker #1: And then sort of accelerate from there what we found with the development of while it was it was you get to a point where there's more customer recognition and that just enables you to perform better through your advertised channels.
Speaker #1: You get improved efficiency as your general awareness lifts and so we'd probably be looking to accelerate growth in that over in about 12 months' time.
Speaker #1: Look, auto is something that can grow relatively quickly, but our segment of the market is relatively competitive but there are there is opportunity for us.
Thomas Beregi: Look, auto is something that can grow relatively quickly, but our segment of the market is relatively competitive, but there is opportunity for us. That's largely a broker-initiated channel, so it's just about making sure that our proposition is right, and that's something we would project sort of starting to grow more significantly in the year ahead, after that book has actually contracted over the last 12 months. We've got a renewed offering in the market, and that's starting to drive increased volume. In terms of the UK, obviously, we're at the very early stages, so those sizings are really just looking at what is a large market. Much larger, much more established sort of demand, for sort of unsecured cash lending, the sort of lending that we do.
Thomas Beregi: Look, auto is something that can grow relatively quickly, but our segment of the market is relatively competitive, but there is opportunity for us. That's largely a broker-initiated channel, so it's just about making sure that our proposition is right, and that's something we would project sort of starting to grow more significantly in the year ahead, after that book has actually contracted over the last 12 months. We've got a renewed offering in the market, and that's starting to drive increased volume. In terms of the UK, obviously, we're at the very early stages, so those sizings are really just looking at what is a large market. Much larger, much more established sort of demand, for sort of unsecured cash lending, the sort of lending that we do.
Speaker #1: That's largely a broker initiated channel. So it's just about making sure that our proposition is right and that's something we would project sort of starting to grow more significantly in the year ahead after that book is actually contracted over the last 12 months.
Speaker #1: But we've got a renewed offering in the market and that's starting to drive increased volume. In terms of the UK, obviously we're at the very early stages so those sizings are really just looking at what is a large market.
Speaker #1: Much larger and much more established sort of demand for sort of unsecured cash lending are the sort of lending that we do. So we're talking about a market more than five times the size of Australia and no real dominant competitor in that market.
Thomas Beregi: We're talking about a market more than five times the size of Australia, and no real dominant competitor in that market and an underserved situation. For us, it's a case of just making sure over the next 12 months that we can refine our scorecards and get our model right, and then we'd be looking to accelerate towards that medium-term metric from there.
Thomas Beregi: We're talking about a market more than five times the size of Australia, and no real dominant competitor in that market and an underserved situation. For us, it's a case of just making sure over the next 12 months that we can refine our scorecards and get our model right, and then we'd be looking to accelerate towards that medium-term metric from there.
Speaker #1: And an underserved situation. So for us, it's a case of just making sure over the next 12 months that we can refine our scorecards and get our model right and then we'd be looking to accelerate towards some of those towards that medium-term metric from there.
Speaker #3: Yeah. Can I just ask one point in clarity just in that sort of car auto lending? So are you saying that the current product you've got and the conditions in terms of used car prices etc.
Tim Lawson: Yeah. Can I just ask one point of clarity, just on that sort of car auto lending. Are you saying that the current product you've got and the conditions in terms of used car prices, et cetera, are suitable so that you can actually grow to AUD 150 million, or do you need the market to change, do you need the used car prices to fall further from here?
Tim Lawson: Yeah. Can I just ask one point of clarity, just on that sort of car auto lending. Are you saying that the current product you've got and the conditions in terms of used car prices, et cetera, are suitable so that you can actually grow to AUD 150 million, or do you need the market to change, do you need the used car prices to fall further from here?
Speaker #3: are suitable for that you can actually grow to 150 million or do you need the market to change? Do you need the used car price to fall further from here?
Speaker #1: No, look, we can do it in the current market. We just have to we just have to balance the credit worthiness of the customer and their income, their affordability with the price of the vehicle.
Thomas Beregi: No. Look, we can do it in the current market. We just have to balance the creditworthiness of the customer and their income, their affordability, with the price of the vehicle. We're still targeting that 4-year duration, so we're not taking it out any longer. Yeah, we're looking at consumers that will have the income to repay the purchase price of the vehicle over that period.
Thomas Beregi: No. Look, we can do it in the current market. We just have to balance the creditworthiness of the customer and their income, their affordability, with the price of the vehicle. We're still targeting that 4-year duration, so we're not taking it out any longer. Yeah, we're looking at consumers that will have the income to repay the purchase price of the vehicle over that period.
Speaker #1: So and we're still targeting that four-year duration. So we're not taking it out any longer. So yeah, we're looking at consumers that will have the income to repay the purchase price of the vehicle over that period.
Speaker #3: Okay. Thank you.
Tim Lawson: Okay. Thank you.
Tim Lawson: Okay. Thank you.
Speaker #2: Thank you. Your next question comes from Olivia Coolon from Evans & Partners. Please go ahead.
Operator: Thank you. Your next question comes from Olivia Cullen from Evans and Partners. Please go ahead.
Operator: Thank you. Your next question comes from Olivier Coulon from Evans and Partners. Please go ahead.
Speaker #4: Hi, guys. Can you hear me okay?
Olivia Cullen: Hi guys. Can you hear me okay?
Olivier Coulon: Hi guys. Can you hear me okay?
Speaker #1: Yeah, a bit hard to hear. Oliver.
Thomas Beregi: Yeah, a bit hard to hear, Olivia.
Thomas Beregi: Yeah, a bit hard to hear, Olivier.
Speaker #4: Okay. Sorry. I was thinking. It's just on the UK, you mentioned that four and a half million dollar dragon FY26. Implicitly, how much is the drag that you built into the guide in the spirit of FY27?
Olivia Cullen: Okay. Sorry. I'll speak up. Just on the UK, you mentioned that AUD 4.5 million drag in FY2026. Implicitly, how much is the drag that you've built into the guide as soon as FY2027?
Olivier Coulon: Okay. Sorry. I'll speak up. Just on the UK, you mentioned that AUD 4.5 million drag in FY2026. Implicitly, how much is the drag that you've built into the guide as soon as FY2027?
Speaker #1: Okay. So that four and a half million space Wizard and the UK probably primarily Wizard. But I thought you can provide.
Thomas Beregi: Okay. That AUD four and a half million's both Wallet Wizard and the UK, probably primarily Wallet Wizard.
Thomas Beregi: Okay. That AUD four and a half million's both Wallet Wizard and the UK, probably primarily Wallet Wizard.
Michael Eadie: Yeah.
Michael Eadie: Yeah.
Thomas Beregi: Michael, you can provide.
Thomas Beregi: Michael, you can provide.
Michael Eadie: Yeah, that's right. That's about one third UK and two thirds Wallet Wizard. That's in FY26. In FY27, we're assuming a similar NPAT drag, but with the losses reversed. About AUD 1.5 million for Wallet Wizard and AUD 3 million for the UK.
Michael Eadie: Yeah, that's right. That's about one third UK and two thirds Wallet Wizard. That's in FY26. In FY27, we're assuming a similar NPAT drag, but with the losses reversed. About AUD 1.5 million for Wallet Wizard and AUD 3 million for the UK.
Speaker #5: Yeah, that's right. So that's about one-third UK and two-thirds Wizard. That's in FY26. And then in FY27, we're assuming a similar NPAD drag, but with the losses reversed.
Speaker #5: So about one and a half million for Wizard and three million for the UK.
Speaker #4: Yeah. Okay. And then the UK, I mean, I think you've only just started lending any learnings from that at the moment in terms of I guess the approval rate, etc.
Olivia Cullen: Yeah. Okay. In the UK, I think you've only just started lending. Any learnings from that at the moment in terms of, I guess the approval rate, et cetera? Are you approving a reasonable number of the applicants or is it very low, and it'll take time to kind of ramp up to the sort of volumes that could get to that 150 to 200 over 3 years in terms of your book size?
Olivier Coulon: Yeah. Okay. In the UK, I think you've only just started lending. Any learnings from that at the moment in terms of, I guess the approval rate, et cetera? Are you approving a reasonable number of the applicants or is it very low, and it'll take time to kind of ramp up to the sort of volumes that could get to that 150 to 200 over 3 years in terms of your book size?
Speaker #4: Like are you actually are you approving a reasonable number of the applicants or is it very low? And it'll take time to kind of ramp up to the sort of volumes they could get to that 150 to 200 over three years in terms of book size.
Speaker #1: Yeah. Look, relatively small volumes at the moment and still testing out some of the logic in our systems. But encouraged by the potential in terms of volume, so yeah, look, we don't have a lot to say, but at least at this stage, we're encouraged by the volume of customers that are being presented with our offer.
Thomas Beregi: Yeah, look, relatively small volumes at the moment and still testing out some of the logic in our systems. Encouraged by the potential in terms of volume. Yeah, look, we don't have a lot to say, but at least at this stage, we're encouraged by the volume of customers that are being presented with our offer. Also, the number making their way through to our website and completing applications.
Thomas Beregi: Yeah, look, relatively small volumes at the moment and still testing out some of the logic in our systems. Encouraged by the potential in terms of volume. Yeah, look, we don't have a lot to say, but at least at this stage, we're encouraged by the volume of customers that are being presented with our offer. Also, the number making their way through to our website and completing applications.
Speaker #1: And also the number making their way through to our website and completing applications.
Speaker #4: Yeah. Okay. And sorry, I might just ask a final one. Obviously, market's a little bit upset about the guidance for the purchasing of the missed last year's purchasing guidance.
Olivia Cullen: Yeah. Okay. Sorry, I might just ask a final one. Obviously, markets are a little bit upset about the guidance for the purchasing of the US. You obviously missed last year's purchasing guidance. Is there an element of conservatism that you've overlaid in this guidance given that outcome last year?
Olivier Coulon: Yeah. Okay. Sorry, I might just ask a final one. Obviously, markets are a little bit upset about the guidance for the purchasing of the US. You obviously missed last year's purchasing guidance. Is there an element of conservatism that you've overlaid in this guidance given that outcome last year?
Speaker #4: Is there an element of conservatism that you've overlaid in this guidance given that that outcome last year?
Thomas Beregi: Look, no, I think it's a fair representation of where we think we should end up if market conditions remain where they are. Now, obviously, things could change. Through last year, prices started to increase, and that affected our ability to hit our guidance. We always prepare that guidance on the basis that conditions remain the same. Should they ease, obviously, there's the potential for us to push the upper boundaries there on purchasing. Should they tighten further, then we'd be looking at the bottom end of the range. No, look, I think it's a fair representation based on what we've experienced in the market over the last 6 weeks or so.
Thomas Beregi: Look, no, I think it's a fair representation of where we think we should end up if market conditions remain where they are. Now, obviously, things could change. Through last year, prices started to increase, and that affected our ability to hit our guidance. We always prepare that guidance on the basis that conditions remain the same. Should they ease, obviously, there's the potential for us to push the upper boundaries there on purchasing. Should they tighten further, then we'd be looking at the bottom end of the range. No, look, I think it's a fair representation based on what we've experienced in the market over the last 6 weeks or so.
Speaker #1: Look, no, I think it's a fair representation of where we think we should end up if market conditions remain where they are. Now, obviously, things could change.
Speaker #1: Through last year, prices started to increase and that affected our ability to hit our guidance. So we always prepare that guidance on the basis that conditions remain the same.
Speaker #1: So should they ease? Obviously, there's the potential for us to push the upper boundaries there on purchasing. Should they tighten further then we'd be looking at the bottom end of the range.
Speaker #1: But no, look, I think it's I think it's a fair representation based on what we've experienced in the market over the last six weeks or so.
Speaker #4: Okay. Thank you.
Olivia Cullen: Okay. Thank you.
Olivier Coulon: Okay. Thank you.
Speaker #2: Thank you. Your next question comes from Howard Coleman from Team Invest. Please go ahead.
Operator: Thank you. Your next question comes from Howard Coleman from Team Invest. Please go ahead.
Operator: Thank you. Your next question comes from Howard Coleman from Team Invest. Please go ahead.
Speaker #5: Thanks. Hi, Thomas. And starting off with saying thank you to you, Michael and Matthew and your team for a good year. That's past. Unusual question I've got for you.
Howard Coleman: Thanks. Hi, Thomas. Starting off with saying thank you to you, Michael and Matthew, and your team for a good year that's passed. Unusual question I've got for you. When I look at the remuneration report, I see that you and the executives get fixed pay, a short-term incentive based on an NPAT gate opener, and then an individual scorecard. All makes sense. The LTI is 50% based on NPAT compound annual growth rate. Which again, is great from our point of view as shareholders in Team Invest. The other 50% is total shareholder return. What I'd like to know is, what do you, Matthew, Michael, and the rest of the team do to be incentivized to get total shareholder return? I've been a CEO, and I can't figure out what I would be doing. The market out there is the market.
Howard Coleman: Thanks. Hi, Thomas. Starting off with saying thank you to you, Michael and Matthew, and your team for a good year that's passed. Unusual question I've got for you. When I look at the remuneration report, I see that you and the executives get fixed pay, a short-term incentive based on an NPAT gate opener, and then an individual scorecard. All makes sense. The LTI is 50% based on NPAT compound annual growth rate. Which again, is great from our point of view as shareholders in Team Invest. The other 50% is total shareholder return. What I'd like to know is, what do you, Matthew, Michael, and the rest of the team do to be incentivized to get total shareholder return? I've been a CEO, and I can't figure out what I would be doing. The market out there is the market. I'd love to know what it is that helps you be motivated to achieve.
Speaker #5: When I look at the remuneration report, I see that you and the executives get fixed pay, a short-term incentive based on an NPAT gate opener and then an individual scorecard or make sense.
Speaker #5: And the LTI is 50% based on NPAT compound annual growth rate. Which again, is great from our point of view as shareholders and Team Invest.
Speaker #5: But the other 50% is total shareholder return. So what I'd like to know is what are you Matthew, Michael and the rest of the team do to be incentivized to get total shareholder return?
Speaker #5: I've been a CEO and I can't figure out what I would be doing. The market out there is the market. And I'd love to know what it is that helps you be motivated to achieve.
Howard Coleman: I'd love to know what it is that helps you be motivated to achieve.
Thomas Beregi: Yeah, sure.
Thomas Beregi: Yeah, sure.
Speaker #5: Otherwise, let's rather have it there's 100% all based on NPAT.
Howard Coleman: Otherwise, let's rather have it as 100% all based on NPAT.
Howard Coleman: Otherwise, let's rather have it as 100% all based on NPAT.
Speaker #1: Yeah. And look, thank you for the question, Howard. And there are various schools of thought on the incentives and remuneration. And the very point you raise.
Thomas Beregi: Yeah. Look, thank you for the question, Howard, and there are various schools of thought on the incentives and remuneration and the very point you raise. Look, from our perspective, what we're trying to do is create an organization that can deliver strong returns on the capital that is invested. Has the ability to invest that capital to produce those returns across a number of businesses. That we can do that consistently, such that we're viewed as a business that can grow solidly into the future and can be a source of increased earnings, cash flows, and dividends. Now, will that have a direct correlation to a share price which goes into the total shareholder return calculation at any point in time? Maybe not.
Thomas Beregi: Yeah. Look, thank you for the question, Howard, and there are various schools of thought on the incentives and remuneration and the very point you raise. Look, from our perspective, what we're trying to do is create an organization that can deliver strong returns on the capital that is invested. Has the ability to invest that capital to produce those returns across a number of businesses. That we can do that consistently, such that we're viewed as a business that can grow solidly into the future and can be a source of increased earnings, cash flows, and dividends. Now, will that have a direct correlation to a share price which goes into the total shareholder return calculation at any point in time? Maybe not.
Speaker #1: Look, from our perspective, what we're trying to do is create an organization that can deliver strong returns on the capital that is invested. And has the ability to invest that capital to produce those returns across a number of businesses and that we can do that consistently such that we're viewed as a business that can grow solidly into the future and can be a source of increased earnings and cash flows and dividends.
Speaker #1: So now, will that have a direct correlation to a share price, which goes into the total shareholder return sort of calculation at any point in time?
Speaker #1: Maybe not. But we feel that's suitable for a long-term incentive that ultimately it will be reflected and maybe things won't run with us on some occasions, on others we will feel like it's been fairly reflected.
Thomas Beregi: We feel that's suitable for a long-term incentive that ultimately it will be reflected, and maybe things won't run with us on some occasions. On others, we will feel like it's been fairly reflected. Yeah, look, our task is to make sure we deliver those returns with a conservative capital structure and drive that earnings growth. I guess we're hoping that's reflected in the market's assessment of Credit Corp's value.
Thomas Beregi: We feel that's suitable for a long-term incentive that ultimately it will be reflected, and maybe things won't run with us on some occasions. On others, we will feel like it's been fairly reflected. Yeah, look, our task is to make sure we deliver those returns with a conservative capital structure and drive that earnings growth. I guess we're hoping that's reflected in the market's assessment of Credit Corp's value.
Speaker #1: But yeah, look, our task is to make sure we deliver those returns with a conservative capital structure and drive that earnings growth and then I guess we're hoping that's reflected in the market's assessment of credit corp's value.
Speaker #5: Yeah. I mean, I can see the that it would incentivize the people who supply you the information on where you landed up in the percentiles.
Howard Coleman: Yeah. I can see that it would incentivize the people who supply you the information on where you landed up, in the percentiles. Even in your answer there, basically, if you're delivering the ROE and the compound annual growth rate in NPAT, those are the two things that in the end would make shareholders better off anyway. The last one there is simply a consequence. I know you can't really say too much about this. You're not the person who sets the remuneration structure, but I thought it's important that this gets said as often as possible in Australia because it's such a silly measure, even though it's popular with certain people who provide the information.
Howard Coleman: Yeah. I can see that it would incentivize the people who supply you the information on where you landed up, in the percentiles. Even in your answer there, basically, if you're delivering the ROE and the compound annual growth rate in NPAT, those are the two things that in the end would make shareholders better off anyway. The last one there is simply a consequence. I know you can't really say too much about this. You're not the person who sets the remuneration structure, but I thought it's important that this gets said as often as possible in Australia because it's such a silly measure, even though it's popular with certain people who provide the information.
Speaker #5: But even in your answer there, basically, if you're delivering the ROE and the compound annual growth rate in NPAT, those are the two things that in the end would make shareholders better off anyway.
Speaker #5: And the last one there is simply a consequence. Now, no, you can't really say too much about this you're not the person who sets the remuneration structure.
Speaker #5: But I thought it's important that this gets said as often as possible in Australia because it's such a silly measure. Even though it's popular with certain people who provide the information.
Speaker #1: Yeah, look, thanks, Howard. Maybe we'll maybe I'll do my Tony Jones impersonation and say we'll take that one as a comment. But obviously it's all about alignment as well.
Thomas Beregi: Yeah. Look, thanks, Howard. Maybe I'll do my Tony Jones impersonation and say we'll take that one as a comment.
Thomas Beregi: Yeah. Look, thanks, Howard. Maybe I'll do my Tony Jones impersonation and say we'll take that one as a comment.
Howard Coleman: Fair enough.
Howard Coleman: Fair enough.
Thomas Beregi: Obviously.
Thomas Beregi: Obviously.
Howard Coleman: Well, if it.
Howard Coleman: Well, if it.
Thomas Beregi: it's all about alignment as well. In general, there are many shareholders who would like to be 100% aligned or ensure the executives are 100% aligned with their interests, and total shareholder return is probably an important metric for many shareholders.
Thomas Beregi: it's all about alignment as well. In general, there are many shareholders who would like to be 100% aligned or ensure the executives are 100% aligned with their interests, and total shareholder return is probably an important metric for many shareholders.
Speaker #1: So in general, there are many shareholders who would like to be 100% aligned with or ensure the executives are 100% aligned with their interests.
Speaker #1: And total shareholder return is probably an important metric for many shareholders.
Speaker #5: Okay. Well, look, thanks very much for the answer. And once again, well done on the past year. And I look forward to another good year from you in this coming year ahead.
Howard Coleman: Okay. Well, look, thanks very much for the answer, and once again, well done on the past year, and I look forward to another good year from you in this coming year ahead.
Howard Coleman: Okay. Well, look, thanks very much for the answer, and once again, well done on the past year, and I look forward to another good year from you in this coming year ahead.
Speaker #1: Thank you.
Thomas Beregi: Thank you.
Thomas Beregi: Thank you.
Speaker #5: Thanks.
Howard Coleman: Thanks.
Howard Coleman: Thanks.
Speaker #2: Thank you. Your next question comes from Lachlan Woods from CGF. Please go ahead.
Operator: Thank you. Your next question comes from Lachlan Woods, from CGF. Please go ahead.
Operator: Thank you. Your next question comes from Lachlan Woods, from CGF. Please go ahead.
Speaker #6: Hi. Thanks for the question. Can you just talk to me through the obviously was some large in terms of the AU debt market. There was obviously some large sales in June, July in terms of the inventory.
Lachlan Woods: Hi. Thanks for the question. Can you just talk to me through, in terms of the Australian debt market, there was obviously some large sales in June, July in terms of the inventory. Can you kind of talk me through what drove that, was there any abnormality in terms of why there was a step up in the volume in the market?
Lachlan Woods: Hi. Thanks for the question. Can you just talk to me through, in terms of the Australian debt market, there was obviously some large sales in June, July in terms of the inventory. Can you kind of talk me through what drove that, was there any abnormality in terms of why there was a step up in the volume in the market?
Speaker #6: Can you kind of talk me through what drove that? And was there any abnormality in terms of why there was a step up in the volume in the market?
Speaker #1: Yeah, look, there often is there often are some opportunities towards the end of the financial year. And so there were some opportunities for us interestingly I don't think it was any different to prior years.
Thomas Beregi: Yeah, look, there often are some opportunities towards the end of the financial year, and so there were some opportunities for us. Interestingly, I don't think it was even any different to prior years. Pretty similar sort of dynamic in terms of the total outlay up for grabs in that June period. The one transaction that is probably a bit less regular, was the purchase of the runoff book that was in the Q3, the runoff credit card book. That was a bit larger, and we don't see transactions like that in the market every year. We have done similar things in the past. Yeah, that's possibly the sort of unusual transaction for the year in terms of the debt buying market.
Thomas Beregi: Yeah, look, there often are some opportunities towards the end of the financial year, and so there were some opportunities for us. Interestingly, I don't think it was even any different to prior years. Pretty similar sort of dynamic in terms of the total outlay up for grabs in that June period. The one transaction that is probably a bit less regular, was the purchase of the runoff book that was in the Q3, the runoff credit card book. That was a bit larger, and we don't see transactions like that in the market every year. We have done similar things in the past. Yeah, that's possibly the sort of unusual transaction for the year in terms of the debt buying market.
Speaker #1: Pretty similar sort of dynamic in terms of the total sort of outlay up for grabs. In that June sort of period, the one transaction that has probably a bit less regular was the purchase of the runoff book that was in the third quarter, the runoff credit card book that was a bit larger and we don't see we don't see transactions like that in the market every year.
Speaker #1: We have done similar things in the past. But yeah, that's possibly the sort of unusual transaction for the year in terms of the debt buying market.
Lachlan Woods: Perfect, thanks. The final one from me is, do you think compared to, I guess, three years ago, there's been any shift from the Big Four banks in terms of how they're thinking of one-off sales versus forward flows, or has it been quite consistent?
Lachlan Woods: Perfect, thanks. The final one from me is, do you think compared to, I guess, three years ago, there's been any shift from the Big Four banks in terms of how they're thinking of one-off sales versus forward flows, or has it been quite consistent?
Speaker #6: Perfect. Thanks. And then the final one for me is do you think compared to, I guess, three years ago, there's been any shift from the Big Four banks in terms of how they're thinking of one-off sales versus foreclose?
Speaker #6: Or is it been quite consistent?
Speaker #1: Yeah, look, I think it's quite consistent. I think more generally, the banks are feeling like they've got all their controls in place. That the accounts that they're placing for sale they have a good knowledge of that their data is accurate and there won't be any subsequent issues.
Thomas Beregi: Yeah. Look, I think it's quite consistent. I think more generally, the banks are feeling like they've got all their controls in place, that the accounts that they're placing for sale, they have a good knowledge that their data is accurate and there won't be any subsequent issues. In general, we're seeing probably more enthusiasm for debt sale from the major banks than we have seen in the past. I don't think that's relating to any significant change in the mix. More accounts are qualifying for sale on forward flows and more accounts are being sold through one-offs. It's not stellar growth we're seeing, but it is modest growth and we're seeing increases in sort of aggregate unsecured credit as well, which is a great lead indicator of increasing volume.
Thomas Beregi: Yeah. Look, I think it's quite consistent. I think more generally, the banks are feeling like they've got all their controls in place, that the accounts that they're placing for sale, they have a good knowledge that their data is accurate and there won't be any subsequent issues. In general, we're seeing probably more enthusiasm for debt sale from the major banks than we have seen in the past. I don't think that's relating to any significant change in the mix. More accounts are qualifying for sale on forward flows and more accounts are being sold through one-offs. It's not stellar growth we're seeing, but it is modest growth and we're seeing increases in sort of aggregate unsecured credit as well, which is a great lead indicator of increasing volume.
Speaker #1: So in general, we're seeing probably more enthusiasm for debt sale from the major banks than we have seen in the past. I don't think that's relating to any significant change in the mix.
Speaker #1: More accounts are qualifying for sale on forward flows and more accounts are being sold through one-offs. It's not stellar growth we're seeing, but it is modest growth and we're seeing increases in sort of aggregate unsecured credit as well, which is a great sort of lead indicator of sort of increasing volume.
Speaker #1: So yeah, I think we've probably been through that period where the banks have had to look very closely at their systems and controls. And have put a lot of work into improving those so that they can maximize the opportunity through debt sell.
Thomas Beregi: Yeah, I think we've probably been through that period, where the banks have had to look very closely at their systems and controls and have put a lot of work into improving those so that they can maximize the opportunity through debt sale.
Thomas Beregi: Yeah, I think we've probably been through that period, where the banks have had to look very closely at their systems and controls and have put a lot of work into improving those so that they can maximize the opportunity through debt sale.
Speaker #6: Perfect. Thank you.
Lachlan Woods: Perfect. Thank you.
Lachlan Woods: Perfect. Thank you.
Speaker #2: Thank you. Your next question is a follow-up from Olivia Coulon from Evans & Partners. Please go ahead.
Operator: Thank you. Your next question is a follow-up from Olivia Cullen from Evans and Partners. Please go ahead.
Operator: Thank you. Your next question is a follow-up from Olivier Coulon from Evans and Partners. Please go ahead.
Speaker #7: Hi, guys. Just on the US growth that you forecast in the FY27, can you give a bit of a breakdown, I suppose, between any net book growth, which I think you'll get a huge amount if you do the purchase guidance that you've got.
Olivia Cullen: Hi guys. Just on the US growth that you forecast in FY27, can you give a bit of a breakdown, I suppose, between in-book growth, which I think you'll get a huge amount if you do the purchase guidance that you've got. I guess several improvements in cost to collect, including on the legal side. Then I suppose the implicit increase in asset turnover that's built into that guidance.
Olivier Coulon: Hi guys. Just on the US growth that you forecast in FY27, can you give a bit of a breakdown, I suppose, between in-book growth, which I think you'll get a huge amount if you do the purchase guidance that you've got. I guess several improvements in cost to collect, including on the legal side. Then I suppose the implicit increase in asset turnover that's built into that guidance.
Speaker #7: I guess several improvements in cost to collect, including on the legal side. And then I suppose the implicit increase in asset turn that's built into that guidance.
Speaker #1: Yeah. So look, I think I didn't catch all the detail in your question there, but primarily we have had a couple of years of more elevated purchasing.
Thomas Beregi: Yeah. Look, I think I didn't catch all the detail in your question there. Primarily, we have had a couple of years of more elevated purchasing. We'll see that reflected in our collections next year as well. Even though we might outlay less in FY27, we'll still benefit from the purchasing in the earlier years. On top of that, we are seeing some rapid improvement in our legal performance. That is layering up each month. I guess we're in that FY27 is a year where we're still collecting the sort of fresh internal component of some of those more recent purchases, and then we're clearing a backlog on some of our older accounts in that legal channel. Layering those two together is what should produce a pretty strong result, even without increased purchasing in FY27.
Thomas Beregi: Yeah. Look, I think I didn't catch all the detail in your question there. Primarily, we have had a couple of years of more elevated purchasing. We'll see that reflected in our collections next year as well. Even though we might outlay less in FY27, we'll still benefit from the purchasing in the earlier years. On top of that, we are seeing some rapid improvement in our legal performance. That is layering up each month. I guess we're in that FY27 is a year where we're still collecting the sort of fresh internal component of some of those more recent purchases, and then we're clearing a backlog on some of our older accounts in that legal channel. Layering those two together is what should produce a pretty strong result, even without increased purchasing in FY27.
Speaker #1: So we'll see that reflected in our collections next year as well, even though we might outlay less in FY27. We'll still benefit from the purchasing in the earlier years.
Speaker #1: On top of that, we are seeing some rapid improvement in our legal performance. And so that is layering up each month. And I guess we're in that FY27 is a year where we've got the we're still collecting the sort of fresh internal component of some of those more recent purchases.
Speaker #1: And then we're clearing a backlog on some of our older accounts in that legal channel. So layering those two together, is what should produce a pretty strong result, even without increased purchasing in FY27.
Speaker #7: Okay. No, perfect. Thank you. Appreciate it.
Olivia Cullen: Okay. No, perfect. Thank you. Appreciate it.
Olivier Coulon: Okay. No, perfect. Thank you. Appreciate it.
Speaker #2: Thank you. Once again, if you'd like to ask a question, please press star one on your telephone and wait for your name to be announced.
Operator: Thank you. Once again, if you'd like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question is a follow-up from Simon Fitzgerald from Jefferies. Please go ahead.
Operator: Thank you. Once again, if you'd like to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question is a follow-up from Simon Fitzgerald from Jefferies. Please go ahead.
Speaker #2: Your next question is a follow-up from Simon Fitzgerald from Jefferies. Please go ahead.
Speaker #7: Hi. Hi there. Thank you. Just one more question. I think the other revenue signifies the services business, which has taken a 6% decline in '25 and then a 5% decline in '26.
Simon Fitzgerald: Hi there. Thank you. Just one more question. I think the other revenue signifies the services business, which has taken a 6% decline in 2025, a 5% decline in 2026. I just wanted to know what the outlook is there, if I'm reading that right.
Simon Fitzgerald: Hi there. Thank you. Just one more question. I think the other revenue signifies the services business, which has taken a 6% decline in 2025, a 5% decline in 2026. I just wanted to know what the outlook is there, if I'm reading that right.
Speaker #7: I just wanted to know what the outlook is there, if that's if I'm reading that right.
Speaker #1: Yes. So look, I think you are. That's accurate. So relatively static over the year ahead. Our collection services business was formed largely through acquisitions all of which were loss-making at the time we acquired them.
Thomas Beregi: Yeah. Look, I think you are. That's accurate. Relatively static over the year ahead.
Thomas Beregi: Yeah. Look, I think you are. That's accurate. Relatively static over the year ahead. Our collection services business was formed largely through acquisitions.
Thomas Beregi: Our collection services business was formed largely through acquisitions.
Simon Fitzgerald: Yep.
Simon Fitzgerald: Yep.
Thomas Beregi: All of which were loss-making at the time we acquired them, I guess there has been considerable sort of work to drive that, not only into profitability but also to try and achieve our margin targets, sometimes that does lead to some client attrition-
Thomas Beregi: All of which were loss-making at the time we acquired them, I guess there has been considerable sort of work to drive that, not only into profitability but also to try and achieve our margin targets, sometimes that does lead to some client attrition-
Speaker #1: And I guess it has been considerable sort of work to drive that not only into profitability, y, but also to try and achieve our margin targets.
Speaker #1: And sometimes that does lead to some client attrition. Concentrated in areas where just the we haven't been able to sort of engineer those clients into a profitable state.
Thomas Beregi: concentrated in areas where we haven't been able to sort of engineer those clients into a profitable state. There has been some runoff. Having said that, we also continue to acquire new customers, so they're sort of swinging round about.
Thomas Beregi: concentrated in areas where we haven't been able to sort of engineer those clients into a profitable state. There has been some runoff. Having said that, we also continue to acquire new customers, so they're sort of swinging round about.
Speaker #1: And so there has been some runoff. Having said that, we also continue to acquire new customers. So there's sort of swings and roundabouts. So and we have had some notable wins over the last 12 months as well.
Simon Fitzgerald: Yeah.
Simon Fitzgerald: Yeah.
Thomas Beregi: We have had some notable wins over the last 12 months as well, and that should ensure that our revenues are relatively static over the year ahead.
Thomas Beregi: We have had some notable wins over the last 12 months as well, and that should ensure that our revenues are relatively static over the year ahead.
Speaker #1: And that should ensure that our revenues are relatively static over the year ahead.
Speaker #6: Well, I'm very clear. Thanks, Thomas.
Simon Fitzgerald: Very clear. Thanks, Thomas.
Simon Fitzgerald: Very clear. Thanks, Thomas.
Speaker #2: Thank you. There are no further questions at this time. I'll now hand back to Thomas for any closing remarks.
Operator: Thank you. There are no further questions at this time. I will hand back to Thomas for any closing remarks.
Operator: Thank you. There are no further questions at this time. I will hand back to Thomas for any closing remarks.
Speaker #1: Great. Look, thank you. Thanks, everyone, for your continued interest in Credit Corp. It is an exciting time for us at the moment. Last year was a year in which all segments of the business produced growth.
Thomas Beregi: Great. Look, thank you. Thanks everyone for your continued interest in Credit Corp. It is an exciting time for us at the moment. Last year was a year in which all segments of the business produced growth, and it's been about five years since we've seen a result like that. Obviously, the key driver was the US and with the roll-through of operational improvement, as I've described, we expect the US to be a key driver again. The nature of the business we're in, particularly in debt buying, is such that market prices will move from time to time to levels that won't be attractive. We've seen historically that things do return. They do come back to equilibrium and provide us with opportunities to invest, particularly if our businesses are strong with a very competitive operational platform.
Thomas Beregi: Great. Look, thank you. Thanks everyone for your continued interest in Credit Corp. It is an exciting time for us at the moment. Last year was a year in which all segments of the business produced growth, and it's been about five years since we've seen a result like that. Obviously, the key driver was the US and with the roll-through of operational improvement, as I've described, we expect the US to be a key driver again. The nature of the business we're in, particularly in debt buying, is such that market prices will move from time to time to levels that won't be attractive. We've seen historically that things do return. They do come back to equilibrium and provide us with opportunities to invest, particularly if our businesses are strong with a very competitive operational platform.
Speaker #1: And it's been about five years since we've seen a result like that. Obviously, the key driver was the US and with the roll-through of operational improvement as I've described, we expect the US to be a key driver again.
Speaker #1: The nature of the business we're in, particularly in debt buying, is such that market prices will move from time to time, to levels that won't be attractive we've seen historically that things do return.
Speaker #1: They do come back to equilibrium. And provide us with opportunities to invest, particularly if our businesses are strong with a very competitive operational platform and for me, that's the great news of the result is just the more competitive position we are in in the US, which means we will be able to participate fully in the market when the conditions allow.
Thomas Beregi: For me, that's the great news of the result, is just the more competitive position we are in in the US, which means we will be able to participate fully in the market when the conditions allow. Similarly, lots of excitement across our other businesses with new products and the launch in the UK. We can see a runway for further growth there. Now for the first time, we've got an outlook of growth for our Australian debt buying business. We've got three great competitive platforms, and enough opportunity for us to sustain growth through the year ahead and hopefully thereafter. Look, thank you very much for your attention and I look forward to speaking to some of you over the next few days. We'll close the call there. I'll hand back to the operator. Thank you.
Thomas Beregi: For me, that's the great news of the result, is just the more competitive position we are in in the US, which means we will be able to participate fully in the market when the conditions allow. Similarly, lots of excitement across our other businesses with new products and the launch in the UK. We can see a runway for further growth there. Now for the first time, we've got an outlook of growth for our Australian debt buying business. We've got three great competitive platforms, and enough opportunity for us to sustain growth through the year ahead and hopefully thereafter. Look, thank you very much for your attention and I look forward to speaking to some of you over the next few days. We'll close the call there. I'll hand back to the operator. Thank you.
Speaker #1: Similarly, lots of excitement across our other businesses with new products and the launch in the UK. So we can see a runway for further growth there.
Speaker #1: And now for the first time, we've got an outlook of growth for our Australian debt buying business. So we've got three great competitive platforms and enough opportunity for us to sustain growth through the year ahead.
Speaker #1: And hopefully thereafter. So look, thank you very much for your attention. And I look forward to speaking to some of you over the next few days.
