ZIP are saying that debts are below industry standard. Maybe they are; based on receivables. But take a look at doubtful debts (DD) to portfolio revenue.
DD at $6.18 M for half year 2017 is almost 40% of portfolio revenue. Looks high to me. By comparison, that percentage is about the same as for interest expense at $6.55 M, which is 41% of portfolio revenue. So DD is contributing around the same cost as interest expense.
For the same period HY 2016, DD ($1.9 M) was 30% of portfolio revenue. When compared to DD for 2017, that's big difference in percentage and absolute terms.
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