CCP +1.66%: 1H report for the debt collection company was out this morning with the stock initial negative reaction overrun by the session’s end. Net profit for the half fell 30% to $31.8m on the back of US restructuring costs and higher provisioning. These costs are likely to unwind into the second half, with provisioning seemingly conservative at this stage. CCP has struggled to buy debt ledgers given the current health of debts globally, however this has also helped recoveries. The company stuck to full year NPAT guidance but lifted their ledger investment highlighting the need to pay up here.
MM is neutral CCP
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