Latest News

Cash Converters half year results 2016

28/02/2017

Cash Converters International Limited (ASX: CCV) (‘the Company’) has delivered Revenue for the six months to 31 December 2016 of $143.5 million, and a Net Profit After Tax (NPAT) from continuing operations of $11.5 million, which while down 27.9% on the previous year is in line with expectations. 

Recently appointed Chief Executive Officer, Mark Reid, commented: “Following the announcement in 2016 of a new strategy for the Company focused on building sustainable growth for the long term, this is a pleasing result. The Company is progressing through a period of strategic transition and during the half year we achieved a number of milestones in this regard on or ahead of schedule."

You can read more here

Appointment of two new Board Directors

14/02/2017

Cash Converters  is pleased to advise that Ms Ellen Comerford and Ms Andrea Waters have been appointed to the board of directors, with effect from 9 February 2017.  

Ms Comerford has over 30 years of financial services experience across a range of banking and insurance businesses. Ms Waters is a Chartered Accountant with an extensive career at KPMG, as a Financial Services Audit Partner (until 2012), specialising in managed investments and superannuation.
 
You can read more about these appointments here
 

Strategic Management Changes

18/01/2017

Following a number of strategic changes in 2016,  the Company is now focused on sustainable, compliant growth, with tight management oversight that balances risk with return. The early success seen in moving to a master franchise position in the UK has also identified a significant potential opportunity in further developing this business in other new markets. 

As a result, there is a repositioning of roles within the executive management team that we believe will ensure the success of the execution of the strategy:  

• Peter Cumins, current CEO & MD will move to the role of Executive Deputy Chairman and will have primary responsibility for driving potential growth of the international franchising business; and  

• Mark Reid, the current CEO Australia will move to the role of CEO (CCV) reporting directly to the Chairman, Mr Stuart Grimshaw and the Board of Directors. This change will involve Mark assuming full responsibility and accountability for all of the operations of CCV.

Full details

Trading Update - First Quarter

14/11/2016

The net profit for the period was $6.3 million and is in line with the Company forecast. The first quarter result benefits from the timing of interest earned on higher loan volumes written in the second half of the previous year. The Company confirms guidance previously given to the market of full year 2017 NPAT being in the range of $20.0 to $23.0 million.  Full details

Full Year Results 2015 - 2016

30/08/2016

Cash Converters reports higher full year 2016 underlying profit.
 
New strategy progressing well and on budget.
 
 
Highlights
  • FY 2016 underlying EBITDA profit up 10.2 per cent to $69.1 million (FY 2015: $62.7 million)
  • Net statutory loss after tax $11.1 million (FY 2015: net loss of $21.4 million)
  • Revenue higher at $379.3 million (FY 2015: $374.3 million)
  • Australia performed well with underlying EBITDA steady at $72.3 million (FY 2015: $71.3million)
  • Strong growth in online channel sales in Australia and the United Kingdom
  • Key strategy initiatives well advanced and within budget
  • Exited all corporate stores in the United Kingdom with the majority sold
  • CCUK ceased personal loan lending in May, with the loan book expected to wind-down by November 2016
  • Green Light Auto Finance business started with early sales promising
 
Note: Information in this release combines the Consolidated Entity’s continuing and discontinuing
operations. Further details in relation to the continuing and discontinued operations are included in the
Appendix 4E lodged with this announcement.
 
See the following documents for full details:
 
 
 

Notice of Investor and Analyst Briefing

17/08/2016

Cash Converters International Limited (‘the Company’) advises that the Company intends to
release its full-year result for the year ending 30 June 2016 on Tuesday 30 August 2016. 
 
Following the lodgement of Appendix 4E – Preliminary Final Report and PowerPoint
Presentation to the ASX, the Company’s Managing Director and Chief Financial Officer will
host an earnings teleconference for investors and analysts on Tuesday 30 August 2016 at
10.00am Western Australian time.
 
Conference Call Details
Date: Tuesday 30 August 2016
Time: 10.00am AWST, 12.00 pm AEST
National Toll Free Number: 1800 280 741
Overseas Toll Free Number: +61 3 8687 0650
 
Participants are requested to dial in 5-10 minutes prior to the start time.
To register your attendance, please email general.enquiries@cashconverters.com
 
For further information regarding the 2016 financial year results please refer to the Cash
Converters Appendix 4E - Preliminary Final Report and the PowerPoint Presentation both of
which will be lodged with the ASX on 30 August 2016. 
 

Cash Converters announces new strategy and higher half-year profit

29/02/2016

Cash Converters International Limited (ASX: CCV) today announced a major change in strategy following a comprehensive review across all businesses. The company will focus on building on its brand and network strengths in Australia, and significantly reduce its operations in the United Kingdom.
 
Highlights:
  • Major change in strategy following a comprehensive six month review
  • Future strategic focus on sustainable growth and profits delivered through industry leading customer service and satisfaction
  • Increased investment to build on brand and network strengths in Australia
  • Return to master franchisor role in the United Kingdom; sale of corporate stores and loan book
  • Higher half-year net profit of $15.9 million (HY 14: $5.3 million loss)
  • Return to dividend with 2.0 (two) cents interim payment
  • Revenue up 5.8 per cent to $198.6 million (HY14: $187.7 million)
  • Strong performance across all channels in Australia
  • Online personal loans principal advanced up 42.5 per cent to $44.6 million (HY14: $31.3 million)
  • New financing and transactional banking arrangements to underpin strategy and growth
  • Productive engagement with Government agencies on review of small credit legislation
Click here to read the full announcement. 

Replacement of Banking Services

10/02/2016

Cash Converters International Limited (“the Company”) is pleased to announce that the Company has entered into a loan securitisation facility with the Fortress Investment Group (Fortress). This facility re-finances the existing banking facility on terms which are market competitive. Click here to read the full announcement. 

Notice of Annual General Meeting 2015

16/10/2015

Notice is hereby given that the Annual General Meeting of Cash Converters International Limited (“Company”) will be held at 10.00am (AWST) on Wednesday 18 November 2015 at The Pan Pacific Hotel, 207 Adelaide Terrace, Perth, Western Australia 6000.
 
Click here for the Notice of Meeting, Explanatory Statement and Proxy Form. 
 

Cash Converters Announce 2015 Financial Year Results

31/08/2015

Cash Converters Reports Strong Revenue and Underlying EBITDA Growth

Media Release, 28 August 2015

Cash Converters (ASX:CCV)(“Cash Converters” or “the Company”) today announced its financial results for the financial year dated 30 June 2015.

Highlights:

  • Revenue growth of 13.0% to $374.9 million. The major drivers for revenue growth over the year included an increase in personal loan interest of $14.6 million and establishment fees of $7.8 million, and an increase in corporate store revenue of $18.3 million
  • The normalised Group EBITDA of $62.7 was up 12.2%
  • The normalised Australian divisional EBITDA of $71.3 million was up 26.4%
  • The Australian personal loan book stood at $107.4 million as at 30 June 2015, down slightly on the previous year (2014: $109.2 million) after it peaked at a record $115.7 million at the half year
  • The growth of the online personal loan business in Australia continues to be very strong with the value of loans written increasing 53.2% to $74.6 million (2014: $48.7 million)
  • The value of online cash advance in Australia has also been strong with the value of loans written increasing by 57.7% to $11.2 million. (2014: $7.1 million)
  • The Australian cash advance product produced an EBITDA result of $11.5 million, up 19.8% on last year’s result of $9.6 million
  • The Australian corporate store network EBITDA was $18.8 million, representing a 14.6% increase on the corresponding period (2014: $16.4 million)
  • A cost cutting and restructure has been completed to more effectively manage the UK business. There have been a number of senior management changes made and staff redundancies, in addition the Company has appointment a very experienced and successful Cash Converters multi-store owner and operator to manage the corporate store network

Please click here to read the 4E and Chairman and Managing Director's Review.