I'm with you.....PPH was my biggest holding after ATM, but given the uncertainty this year, I've been reducing down to a zero holding (as of yesterday) and pocketed av gains of around 60%.
That said, I doubt it is all doom and gloom for PPH, there are some things to watch in the future that could see PPH change and grow well.
1.) I noted in the recent report that PPH is talking about "consolidating its branding around Push Pay," and diminishing its other brands such as 'e-church'.
2.) If you look at PPH's new web site you will note that PPH is clearly now targeting, schools and charities (as well as churches) 'send money in under 10 seconds, no queues, no forms, no hassles....'
In short, PPH appears to be moving away from its reliance on the faith sector and is concentrating on being a speedy no hassles payment option for churches, schools and charities. This will leave behind church only services such as https://get.tithe.ly
Will it all work? I don't know, there is a lot of competition in the 'payments' market. I'm happy to sit on the sidelines and watch for a while...... (now back to my holiday!!)