The 2014 financial year was marked by contrasting halves where we experienced a strongly
improved second half following the transitory period that impacted the first half due to the
implementation of the new micro credit regulatory requirements in Australia. Cash Converters
International Limited (“Cash Converters”) reported revenue growth of 13% in the second half of
FY14 compared to the first half and net profit after tax growth of 45% in the second half.
Strong Second Half Performance
As previously disclosed, the first half result of FY14 was impacted by the effect of the transition
to new micro credit regulatory requirements in Australia. Whilst the normalised annual EBITDA
result for FY14 is marginally down on the previous year, it is pleasing that there has been an
upward trend in the second half. The EBITDA second half result was up 37.5% on the first half
and indications are that growth will continue into the 2015 financial year.
For full details please see the Chairman and Managing Directors Review for the 2014 FY and Appendix 4E.
Cash Converters International Limited is pleased to provide the following trading and performance update based on the third quarter unaudited management accounts for the 2014 financial year. The normalised EBITDA profit for the quarter ending 31 March 2014 was $15.9 million, up 38.3% on the corresponding third quarter last year (2013 third quarter: $11.5 million). This strong result reflects the continuing upward trend reported at the half year. Click here to read the full Trading Update.
Cash Converters International Limited is pleased to report a growth in revenue of 15.5% to $155.8 million. The normalised EBITDA profit for the period was $24.9 million, down 20.3% on the previous period.
As previously discolosed in the Trading Update released to the ASX on 31 October, 2013 the first half result has been impacted byt the effect of the transition to new regulatory requirements in Australia. Whilst the result is disappointing, it was pleasing that the second quarter EBITDA result was up on the first quarter. This upward trend should continue in the second-half following a record breaking December lending performance in Australia for both the Personal Loan and Cash Advance products.
Full details can be found in:
Notice is hereby given that the Annual General Meeting of Cash Converters International Limited ("Company") will be held at 10.00am (WST) on Wednesday 20 November 2013 to be held at The Pan Pacific Hotel, 207 Adelaide Terrace, Perth, WA 6000 - For further information click here
Cash Converters International Limited ("the Company") refers to press reports concerning a potential class action relating to micro-lending in New South Wales. For the full response click here
Cash Converters International Limited is pleased to announce that a securitisation facility of $60 million has been established with Westpac Institutional Bank. The Company will use this funding facility to continue to grow the personal loan book.
Under this facility, Westpac will provide up to $60 million of funding, through a securitisation programme, for the Cash Converters personal loan book, by providing up to 70% of the principal amount of each eligible loan. This facility has an initial term of two years with provisions for extensions beyond this period.
Cash Converters Managing Director Peter Cumins said: “With strong demand for our loan products continuing, we are very pleased to obtain this facility. It will provide significant funds on attractive terms to enable us to increase our personal loan book. The securitisation of our loan receivables by leading Australian bank Westpac has been made possible by the management systems we have in place and the stability of the Australian loan book.”
Cash Converters International Limited
26 March 2013