The Australian Financial Review, Friday January 7, 2011 reported "Shares in Australia's largest pawn shop chain have more than recovered all their losses from the financial crisis as they retested a near three-year high of 73.5 cents on Wednesday."
The year to 30 June 2010 has been the most successful in the Company’s history, with a record net profit after tax of $21.6 million, up 34.2% on the previous year. Click here to read the full details in the Managing Director's address at the 2010 AGM held on Tuesday November 30th.
Cash Converters International (ASX:CCV) update
15 November 2010, Cash Converters International (ASX:CCV) MD, Peter Cumins provides an explanation of the size of the operation and its move into cash advances and personal loans.
Click on the link below to see the full interview with Clive Tompkins.
Cash Converters is pleased to announce the opening of its 600th store in the Kent Town of Sidcup in the UK.
Congratulations to franchisees Paul Saunders and Paul Brisenden on being part of such a significant
milestone for the Company. The store opened successfully despite the heavy snow and icy
conditions being experienced in the UK. This opening takes total store numbers in the UK to 173 of
which 33 are corporate owned stores.
Cash Converters UK CEO, David Patrick, said “Following the opening of this new store in the UK our
global network now comprises of 600 stores across 18 countries with a total of 72 corporate owned
stores. There is still a significant opportunity for us to continue growing the business through new
store openings and rolling out our financial services products”.
The directors of Cash Converters International Limited (Cash Converters) are pleased to report a record profit result of $21.6 million for the 2010 financial year. Please see the attached for the Annual Report and the Group accounts for the financial year ending 30 June 2010 [PDF].
RESULTS FOR ANNOUNCEMENT TO THE MARKET
- Revenues from ordinary activities up 34.8% to $127,787,778;
- Profit from ordinary activities after tax up 34.2% to $21,676,163;
- Net profit attributable to members up by 33.8% to $21,629,922;
- The directors of the Company paid a fully franked interim dividend of 1.5 (one and a half) cents per share on 31 March 2010. The directors have also declared a final fully franked dividend of 1.5 (one and a half) cents per share to be paid on 30 September 2010 to those shareholders on the register at the close of business on 16 September 2010;
- Cash Converters is targeting a NPAT for the 2011 financial year in the range of $27 - $27.5 million – an increase of approximately 27% on this years result.
For the full release please see attached [PDF] Appendix 4E for the year ended 30 June 2010.
The directors of Cash Converters International Limited (‘Cash Converters’) are pleased to
report a record profit result of $21.6 million for the 2010 financial year. This is the fourth
consecutive year that the Company has exceeded its forecast guidance number.
Please see the attached for full details [PDF] Chairman and Managing Director’s Review June 2010.
Cash Converters International Limited (‘the Company’) is pleased to announce
that it has contracted to acquire 13 franchised stores in Australia, comprising
eight in Queensland, two in New South Wales, two in South Australia and one
The 13 stores were purchased from existing franchisees for a total price of
$21.9 million, which included tangible assets of $6.3 million.
The acquisition price represents an EBIT multiple of 3.7 times.
The acquisition of these stores is anticipated to increase the Company’s EBIT
by approximately $5.8 million in the first full year of ownership.
These acquisitions take the total number of stores owned by the Company to
71 stores - 39 in Australia and 32 in the UK.
Cash Converters International Limited (‘the Company’) is pleased to announce the acquisition of four franchised stores in the northern UK towns of Halifax, Keighley, Dewsbury and Scunthorpe.
In addition, two new corporate stores were opened in the UK in June. The Company opened its second store in Hull and a store in Accrington.
The four stores were purchased from existing franchisees for a total price of £1.9 million, which included assets of £550,000. The acquisition price represents an EBIT multiple of 4.7 times.
The acquisition of these stores is anticipated to increase the Company’s EBIT by approximately £400,000 in their first full year of ownership.
These acquisitions, plus the two new store openings take the total number of stores owned by the Company to 59, comprising of 27 in Australia and 32 in the UK.
Cash Converters International Limited (‘Cash Converters’) is pleased to announce the issue of 16,200,000 additional ordinary shares at an issue of price of $0.60 per share to EZCORP Inc to raise $9,720,000 (‘the issue’). Following completion of the issue, EZCORP Inc shareholding will increase to 124,418,000 shares (representing 32.762% of Cash Converters) from 108,218,000 shares (29.766%). The 3% increase is permitted under the provisions of item 9 of section 611 of the Corporations Act. To see the full release click here [PDF].