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).
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: