Latest News

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.

Record profit $29.4million for 2012 Financial Year

23/08/2012

The directors of Cash Converters International Limited (‘Cash Converters’) are pleased to report a growth in revenue of 25.7% to $234.3 million and a record profit result of $29.4 million for the 2012 financial year, an increase of 6.2% over the previous year.

Highlights

• Revenue growth of 25.7% to a record of $234.3 million.
• Record net profit after tax of $29.4 million, up 6.2%. On an adjusted basis, excluding one-off items, the net profit after tax was $32.6 million an increase of 9.8%.
• The statutory earnings per share were 7.75 cents per share (an increase of 6.5%) and the adjusted earnings per share were 8.58 cents per share (an increase of 9.8%).
• The personal loan book in Australia grew 28.0% to $67.6 million and the loan book in the UK grew 154.0% to £12.7 million.
• The personal loans business generated an EBIT of $33.5 million (2011 $24.4 million) which is 37.1% up on the previous year.
• The growth of the online personal loan business in Australia continues to be very strong with the value of loans written up 126.7% to $14.2 million (2011 $6.3 million).
• The cash advance administration platform in Australia and the UK, generated an EBIT of $13.6 million (2011 $12.3 million) up 10.8%.
• UK cash advance and personal loans business up 285.7% to a combined EBIT of $4.6 million, an outstanding result for a business launched in May 2010.
• 12 ‘greenfield’ company owned stores were opened in the UK and one in Australia, taking total corporate store numbers as at 30 June 2012 to 102 (59 in the UK and 43 in Australia).   

For a full copy of the Media Release (Word) Click here. Or for the Chairman and Managaing Director's Address (PDF) click here.

 

The UK Presents an Opportunity

26/07/2012

CCV has outperformed the Small Ordinaries index by 38% since CY12. Octa Phillip Financial Group believe this is a result of the market understanding the impacts of changes to the National Consumer Credit Protection Act on CCV’s core business.
 

Octa Phillip forecast ~15% EPS growth in FY13 driven by continued growth in CCV’s store network and loan books. Growth is expected to moderate in FY14 due to the changes in the regulations mentioned above.

Click here to read the full report.

 

CCV Interim Results Investor Presentation Report

12/03/2012

The Company is pleased to report an increase of 28.2% in revenue to $111.7 million and a net profit after tax of $13.2 million for the period. Although the result represented a decrease of 7.5% on last year’s net profit, on an adjusted basis, excluding one-off items, the net profit after tax was $15.3 million compared to a net profit of $14.3 million in the corresponding period last year representing an increase of 7%.

Click here to read the full report.

Half Year Financial Report 31 December 2011

16/02/2012

The Company is pleased to report an increase of 28.2% in revenue to $111.7 million and a net profit after tax of $13.2 million for the period. Although the result represented a decrease of 7.5% on last year’s net profit, on an adjusted basis, excluding one-off items, the net profit after tax was $15.3 million compared to a net profit of $14.3 million in the corresponding period last year representing an increase of 7%.

Click here to read the full report.