Cash Converters announces new strategy and higher half-year profit
Cash Converters International Limited (ASX: CCV) today announced a major change in strategy following a comprehensive review across all businesses. The company will focus on building on its brand and network strengths in Australia, and significantly reduce its operations in the United Kingdom.
- Major change in strategy following a comprehensive six month review
- Future strategic focus on sustainable growth and profits delivered through industry leading customer service and satisfaction
- Increased investment to build on brand and network strengths in Australia
- Return to master franchisor role in the United Kingdom; sale of corporate stores and loan book
- Higher half-year net profit of $15.9 million (HY 14: $5.3 million loss)
- Return to dividend with 2.0 (two) cents interim payment
- Revenue up 5.8 per cent to $198.6 million (HY14: $187.7 million)
- Strong performance across all channels in Australia
- Online personal loans principal advanced up 42.5 per cent to $44.6 million (HY14: $31.3 million)
- New financing and transactional banking arrangements to underpin strategy and growth
- Productive engagement with Government agencies on review of small credit legislation
Click here to read the full announcement.