Latest News

Acquisition of 11 stores

18/02/2013

Cash Converters International Limited (“Cash Converters”) is pleased to announce that it has contracted to acquire eight franchised stores in Adelaide, South Australia and completed the acquisition of two stores in the UK and one in Perth, Western Australia.

The stores were or will be purchased from existing franchisees for a total cash consideration of $32.6 million, including assets of $6.9 million. The acquisition price represents an EBIT multiple of 4.7 times on current earnings and an EBIT multiple of 3.7 times excluding acquired assets. The consideration has or will be paid out of Cash Converters cash reserves and existing financing facilities. Based on historical financial results we expect the stores will add $6.9 million in EBIT in the 2014 financial year.  

Settlement of the acquisitions of the eight South Australian stores will occur in May 2013. Settlement of the Gosnells, Perth store occurred in late January and the settlements of the Bletchley and High Wycombe stores in the UK occurred last week.

These acquisitions will take the number of corporate owned stores in Australia to 55 and 63 in the UK.
The Company is continuing to review opportunities to acquire further stores and increase the distribution network for its financial services products.

Ralph Groom
Company Secretary
Cash Converters International Limited
18 February 2013  

Investor Presentation

18/02/2013

Please find attached a copy of the Investor presentation from February 2013 [PDF].

Cash Converters Reports a Record Half Year Result

14/02/2013

Cash Converters International Limited is pleased to report a growth in revenue of 20.8% to $134.9 million and a record net profit after tax of $18.4 million for the period, an increase over the previous period of 39.2%. In addition, the Directors are pleased to advise that the interim dividend has been increased to 2 cents per share, up 14% on the 1.75 cents per share dividend paid in the previous half and previous corresponding period.    

Full details in attached documents:

Chairman and Managing Directors Final Report (PDF)

Financial Report for the half-year ended 31 December 2012 (PDF)

Appendix 4D Results for announcement to the market (PDF)

Notice of General Meeting

11/02/2013

Notice is hereby given that a General Meeting of shareholders of Cash Converters International Limited (“Company”) will be held at 10.00am (WST) on Wednesday 13 March 2013 at: The Pan Pacific Hotel:

207 Adelaide Terrace

Perth Western Australia 6000

Please see the attached for Explanatory Statement and Proxy Form (PDF).

D.R. Groom, A.C.M.A., F.C.P.A., F.C.I.S.
Company Secretary 
 

LSE Delisting

22/01/2013

Cash Converters International Limited requests to be delisted from the London Stock Exchange.

(Incorporated and registered in Australia with Australian Company Number 069 141 546)


ASX code: CCV


LSE code: CCVU


ISIN: AU000000CCV1


CANCELLATION OF LISTING


Cash Converters International Limited ("the Company") has requested the UK Financial Services Authority to cancel the listing of the Company's ordinary shares of no par value ("Ordinary Shares") on the Official List of the United Kingdom Listing Authority  and to cancel the admission of the Ordinary Shares to trading on the London Stock Exchange's market for listed securities. It is expected that the cancellation of the UK listing and of the admission of the Ordinary Shares to trading on the London Stock Exchange ("LSE") will take effect at 8.00 a.m. (GMT) on 19 February 2013 (the "effective date").


Currently, Depositary Interest holders holding stock in CREST make up approximately 0.33% of the total issued capital of the Company.

The Board considers that the listing on the Australian Stock Exchange adequately provides for the capital requirements of the Company and gives shareholders a trading forum with reasonable liquidity and all necessary shareholder protections.  The additional listing on the London Stock Exchange duplicates costs but does not deliver a significant benefit given the make up of the UK share register and the low trading volume.


Following cancellation of the listing and the admission to trading in London, the Depositary Interest register currently maintained by Computershare Investor Services plc will be maintained and Depositary Interest holders need to take no action.

For further information in this regard Depositary Interest holders should contact Computershare at the address below.


Computershare Investor Services PLC, The Pavillions, Bridgwater Road, Bristol, BS99 6ZY

Enquiries:


Cash Converters International Limited

Mr. D.R. Groom

61 (8) 9221 9111


Charles Stanley Securities

Dugald Carlean / Karri Vuori

+44 20 7149 6000

  

Results of AGM - Cash Converters International Limited

16/11/2012

In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, we advise details of the resolutions
and the proxies received in respect of each resolution are set out in the attached proxy summary (PDF). 

Quarterly Earnings Growth Well Ahead of Expectations

12/11/2012

Highlights

  • Unaudited EBIT up 43% on previous corresponding period (1Q 2012FY) to $14.2 million
  • Strong growth in UK loan book to £15.3 million, up 146.1% on the corresponding period and 20.8% since 30 June 2012
  • EBIT contribution from the UK operations up 155.4% on the corresponding period
  • Continued growth in the Australian Personal Loan book, up 32.7% on the corresponding period
  • Two more stores acquired, two new corporate stores opened
  • Record online loan advances and online store sales from Webshop gaining momentum      

The directors of Cash Converters International Limited (“Cash Converters” or “the Company”) are pleased to provide the following trading performance and operational update based on the first quarter of the financial year to June 2013.

The unaudited EBIT for the first quarter ended 30 September 2012 increased 43.3% from the previous corresponding period (1Q 2012FY) to $14.2 million. This result has been driven by the continued strong performance of the personal loan books. In particular the UK loan book has grown by 146.1% on the previous corresponding period to £15.3 million. This strong performance has driven an increase in the UK EBIT contribution by 155.4% over the previous corresponding period. The mature Australian personal loan book is continuing to grow strongly with the loan book reaching $67.1 million as at 30 September 2012, an increase of 32.7% on the previous corresponding period. It is also pleasing that the bad debt levels have stabilised in the UK while the profitability of the UK loan book has increased strongly as the loan balance has increased. The Australian personal loan book bad debt levels are in line with historical levels.   

The Company’s online strategy is continuing to grow with record loans advanced through the online platform during the quarter and the Webshop platform now achieving sales in the order of $250,000 per month in Australia. The Company is currently implementing a new point of sale system with an application to facilitate the online display of store inventories across the Australian (and eventually the UK) store network. The directors expect this to increase the sale of goods online.   

During the quarter additional stores were acquired in Wigan and Gloucester in the UK, taking total corporate owned stores in the UK to 61 and total stores in the UK to 222 including franchised stores.


In Australia, the Company opened two new corporate stores in Port Kennedy (WA) and Bankstown (NSW) taking total corporate owned stores in Australia to 44 and total store numbers in Australia to 147.

Cash Converters Managing Director, Mr Peter Cumins, said: “The September quarter was exceptionally strong and has exceeded our expectations. Particularly pleasing, but not surprising, is the growth we have achieved in the UK as our efforts and focus on corporate store acquisitions and growing the personal loan book is beginning to contribute strongly to our earnings”.   


Ralph Groom
Company Secretary
Cash Converters International Limited
12 November 2012  

Cash Converters Increasing UK Presence

25/10/2012

Cash Converters International is pleased to announce the recent opening of its newly expanded UK head office in Runcorn, Manchester.

The opening of this office means that now all Cash Converters UK operational management will be located under one roof. The increased capacity will ensure a high level of support is maintained as the store network expands and personal loan business continues to grow. Click here to read more.

2012 AGM Announcement

19/10/2012

Notice is hereby given that the Annual General Meeting of Cash Converters International Limited ("Company") will be held at 10.00am (WST) on Friday 16 November 2012 at:

The Pan Pacific Hotel

207 Adelaide Terrace

Perth Western Australia 6000

For full details, an explanatory statement and proxy form please see the attached PDF.

First Cash Converters Franchised Store Opens in Dubai

5/09/2012

Cash Converters International Limited is very pleased to announce the opening of the first Cash Converters store in Dubai during August. The store is being opened by the Cash Converters Licensor in the United Arab Emirates (UAE), Bartergo General Trading LLC.

Click here to find out more.