- 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
- 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
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 firstname.lastname@example.org.
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.