The key message from the H1FY18 results is that it confirms MCL’s fundamental approach to business. It is building a long-term franchise, carefully assessing risk and returns and prioritising resource to the most value-added area. In this period, the unique opportunity in home collect credit (HCC) was clearly the priority. Book acquisitions and some other new product areas were temporarily less of a management focus although we expect growth from them in due course. The modest online lending pilot is still in pilot stage and will be rolled out carefully. FY19 estimates are broadly unchanged (EPS up 24% on FY17).