CCP -2.55%: the lender and debt recovery agency was out with 1H numbers today, kicking off the reporting season on a slightly sour tone. Credit Corp flagged a $45m write down of their US Purchased Debt Ledgers (PDLs) at the AGM in October given a weak collection environment that continued through the end of the year. The Australian market has seen low market volumes with low credit card balances and bank arrears, taking away from the company’s earnings. The lending side of the business, including Wallet Wizard, has performed well with record lending volumes in the first half against falling 30-day arrears over the last 6 months. The company cut the interim dividend by 35% but stuck to FY guidance of $80-90m NPAT (pre-impairment), though this looks a little shaky.
MM has no interest in CCP
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