The Collection turnaround strategy appears to be on track, with the underlying net profit almost doubling for financial year 2008 to $7.4 million.A fully franked dividend of 2.5 cents was declared, bringing the total for the year to 4.7 cents, up from just two cents in the previous corresponding year. Debt ledger purchases jumped 150 per cent to $71.2 million, providing receivables collection staff with fresher debt, which holds a far higher probability of collection.Tony Aveling, managing director for Collection House, said on Thursday the company does not anticipate spending as much on debt in the forthcoming year."What happened last year is because we sold one of the subsidiaries that brought in a lot of cash, which caused the exceptional profit. What we did with that cash immediately was to reduce our overdraft facility, and what we told the market at the time was when the opportunities arose it would be better for our shareholders to reinvest into more debt purchases."We had a one off opportunity to increase our book, and we took advantage of that."The exceptional net profit was $4.9 million on the sale of subsidiaries, increasing total net profit to $12.3 million. Revenue increased 18 per cent to $95 million, with earnings per share 12.65 cents, up from 3.92 cents.Aveling does not provide guidance, but did add, "As far as the company itself is concerned, there is a number of positives that will help us this year, but I am on the other side particularly cautious about the deteriorating environment out there and the impact this is starting to have on the people that we contact."How serious that is going to be is impossible to judge, but it is likely to impact on our results."Three small parcels of shares traded hands yesterday at 58 cents, with the stock trading at 88 cents in the last twelve months, and as low as 41 cents. The market capitalisation is around $57 million.