Cash Converters Announce 2015 Financial Year Results
Cash Converters Reports Strong Revenue and Underlying EBITDA Growth
Media Release, 28 August 2015
Cash Converters (ASX:CCV)(“Cash Converters” or “the Company”) today announced its financial results for the financial year dated 30 June 2015.
- Revenue growth of 13.0% to $374.9 million. The major drivers for revenue growth over the year included an increase in personal loan interest of $14.6 million and establishment fees of $7.8 million, and an increase in corporate store revenue of $18.3 million
- The normalised Group EBITDA of $62.7 was up 12.2%
- The normalised Australian divisional EBITDA of $71.3 million was up 26.4%
- The Australian personal loan book stood at $107.4 million as at 30 June 2015, down slightly on the previous year (2014: $109.2 million) after it peaked at a record $115.7 million at the half year
- The growth of the online personal loan business in Australia continues to be very strong with the value of loans written increasing 53.2% to $74.6 million (2014: $48.7 million)
- The value of online cash advance in Australia has also been strong with the value of loans written increasing by 57.7% to $11.2 million. (2014: $7.1 million)
- The Australian cash advance product produced an EBITDA result of $11.5 million, up 19.8% on last year’s result of $9.6 million
- The Australian corporate store network EBITDA was $18.8 million, representing a 14.6% increase on the corresponding period (2014: $16.4 million)
- A cost cutting and restructure has been completed to more effectively manage the UK business. There have been a number of senior management changes made and staff redundancies, in addition the Company has appointment a very experienced and successful Cash Converters multi-store owner and operator to manage the corporate store network
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