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.
- 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.
Notice of Investor and Analyst Briefing
Cash Converters International Limited (“Company”) advises that the Company intends to release its full-year result for the year ending 30 June 2015 on Friday 28 August 2015. Following the lodgement of Appendix 4E – Preliminary Final Report and PowerPoint Presentation to the ASX, the Company’s Managing Director will host an earnings teleconference for investors and analysts on Friday 28 August 2015 at 10.00am Western Australian time.
Conference Call Details
Date: Friday 28 August 2015
Time: 10.00am AWST, 12.00 pm AEST
National Toll Free Number: 1800 280 741
Overseas Toll Free Number: +61 3 8687 7788
Participants are requested to dial in 5-10 minutes prior to the start time.
To register your attendance, please email email@example.com.
For further information regarding the 2015 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 28 August 2015.
Cash Converters International Limited (“Cash Converters”, or “the Company”) is pleased to announce that it has today settled the termination of the agency agreements (“Licences”) with development agents Kentsleigh Pty Ltd and Cliffview Pty Ltd (“Development Agents”). This transaction was announced to the ASX on 27 November 2014.
The termination of the Licenses will provide Cash Converters with a number of benefits including the reduction in expenses with the elimination of commissions paid to the Development Agents on cash advance and personal loan lending products and an improvement in cash flow going forward.
Ralph Groom - Company Secretary
The Annual General Meeting of Cash Converters International will be held on Wednesday 19th November at 10am (WST) at the Pan Pacific Hotel, 207 Adelaide Terrace Perth.
Cash Converters advises that Mr Stuart Grimshaw will join the board of directors with effect from 1 November 2014. Mr Grimshaw's appointment completes the director representative changes made by EZCORP Inc to the Board of the Company.
Please see the attached for full details of Mr Grimshaw's experience (PDF).