NSF invested heavily in 2016 to 1H’18, deferring the delivery of greater bottom-line profits. The 1H’18 results delivered tangible payback on this investment, with normalised operating profits up 79% (statutory operating profit moved from a loss of £1.1m to a profit of £7.0m). Pre-tax profits were held back by the group locking in long-term, more expensive, funding (finance costs £9.6m vs. £3.1m) but, as these funds are deployed, pre-tax profits are expected to rise. We reviewed Everyday Loans (EL) in "A heart of gold". We believe the re-pricing and volume opportunities that NSF have in a downturn provide it with counter-cyclicality.