Latest News

Strong Second Half Performance

21/08/2014

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.

Acquisition of Three Queensland Stores

27/06/2014

Cash Converters International Limited (“Cash Converters”) is pleased to announce that it has finalised the acquisition of three franchised stores in Queensland. These acquisitions will take the number of corporate owned stores in Australia to 64 with 59 stores in the UK. 
 
Click here to read the full announcement. 

Third Quarter Trading Sees Profit Up 38.3% from Last Year's Third Quarter

29/04/2014

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. 

Half-Year Results 31.12.13

17/02/2014

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:

Chairman and Managing Directors Address 31.12.13

Half-Year Report 31.12.13

Appendix 4D 31.12.13

Final CCV Notice of AGM 2013

17/10/2013

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 Response to Class Action Claim

10/10/2013

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

Carboodle Announcement

23/09/2013

Cash Converters International Limited (“the Company”) is pleased to announce that it has today
exercised its right under the terms of a Redeemable Preference Instrument to convert a $4 million
dollar loan to 80% equity in the company Green Light Auto Group Pty Limited, trading as Carboodle. Click here to read the full Carboodle Accouncement.

Successful Issue of $60m Australian Dollar Notes

19/09/2013

Cash Converters International Limited (“Cash Converters”) is pleased to announce it has today completed the issue of $60 million of medium term notes with a fixed coupon rate of 7.95% per annum maturing in September 2018. FIIG Securities Limited acted as the lead arranger for the note issue.
 
The Managing Director of Cash Converters, Mr Peter Cumins said:
 
 “We are very pleased with the successful outcome of our unsecured note issue which was well supported by professional and sophisticated investors and with some institutional support. Our relationship with Westpac Institutional Bank is still very strong and they have been very supportive of the process we went through to achieve the note issue. The additional funds are earmarked for strong growth opportunities within the business including the acquisition of further franchised stores and the growth of our loan books.”
 
For information on the terms and conditions of the note issue please click here to access the Information Memorandum.

Revenue growth of 16.4% to $272.7 million

22/08/2013

Chairman and Managing Director’s Review
 
The directors of Cash Converters International Limited (‘Cash Converters’) are pleased to report a growth in revenue of 16.4% to $272.7 million and a record earnings before interest  tax, depreciation and amortisation (EBITDA) result of $57.0 million for the 2013 financial year, an increase of 18.6% over the previous year.
 
The statutory earnings per share were 8.1 cents per share an increase of 4.4% on the previous corresponding period. 
 
In addition the Directors are pleased to advise that the final dividend has been increased to two cents per share, taking the full year dividend to four cents per share fully franked, up 14% on the on the dividend paid in the corresponding period. 
 
 
Highlights
 
Revenue growth of 16.4% to $272.7 million. The major drivers for revenue growth over the year included an increase in personal loan interest of $20.2 million and establishment fees of $5.9 million, an increase in corporate store revenue of $13.2 million and an increase in cash advance administration fees of $1.1 million. 
The net profit after tax was $32.9 million, up 11.7% on the previous year.
 
The Australian personal loan book has grown by 35.4% from $67.6 million at 30 June 2012 to $91.5 million at 30 June 2013 and generated an EBITDA of $40.7 million, up 37.5% on the previous period.
 
The growth of the online personal loan business in Australia continues to be very strong with the value of loans written increasing 89% to $26.9 million (2012 $14.2 million). 
The cash advance administration platform in Australia and the UK, generated an EBITDA of $14.4 million (2012 $13.7 million) which is up 4.8% on the previous year. 
 
Three ‘greenfield’ company owned stores were opened in Australia and nine franchise stores were acquired, taking total corporate store numbers in Australia to 55 as at 30 June 2013. In the UK four franchised stores were acquired taking corporate store numbers in the UK to 63 as at 30 June 2013. Total corporate store numbers are 118 (63 in the UK and 55 in Australia).  
 
The Company raised $32.7 million of capital through a placement of 38,500,000 shares at 85 cents per share in December 2012.  The placement was substantially oversubscribed with strong support from existing and new institutional investors. The funds from the placement will be used to acquire stores within the franchise network, to open new corporate stores and to finance the growth of the Australian and UK personal loan books.
 

Cash Converters Secures $60m Facility to Fund Growth

26/03/2013

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.”


Ralph Groom
Company Secretary
Cash Converters International Limited
26 March 2013