Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

HUMM GROUP LIMITED Earnings Release 2008

Feb 24, 2008

65078_rns_2008-02-24_bb774c6a-17d0-4cbe-b834-07133b6c621e.pdf

Earnings Release

Open in viewer

Opens in your device viewer

==> picture [94 x 69] intentionally omitted <==

==> picture [67 x 7] intentionally omitted <==

----- Start of picture text -----

ACN 122 574 583
----- End of picture text -----

25 February 2008

Manager Companies Australian Securities Exchange Company Announcements Office

Dear Sirs,

Correction - Half Year to 31 Dec 2007 Results Media Release

FlexiGroup Limited has noted that there is a typographical error in the above media release. The previous year’s first half pro-forma NPAT as reported in the first paragraph should read $15.3 million (not $15.5 million). $15.3 million is consistent with the prior year’s profit as reported in the highlights section.

A revised media release is attached.

FlexiGroup Limited

Paul McMahon Company Secretary

FlexiGroup Limited ACN 122 574 583

Head Office Adelaide Melbourne Brisbane Perth New Zealand Level 8, The Forum 28 Greenhill Road 7 Dover Street 27 Black Street Suite 32 Level 7, Affco House 201 Pacific Highway Wayville SA 5034 Richmond VIC 3121 Milton QLD 4064 The Hyatt Centre 12-26 Swanson Street St Leonards NSW 2065 PO Box 469 PO Box 693 PO Box 1333 23 Plain Street Auckland NZ PO Box 2345 Goodwood SA 5034 Melbourne VIC 3004 Milton QLD 4064 East Perth WA 6004 PO Box 90935 St Leonards NSW 1590 Auckland Mail Centre Phone 02 8905 2000 Phone 08 8373 3755 Phone 03 9445 1000 Phone 07 3367 2711 Phone 08 9325 7999 Phone 64 9 300 4494 Fax 02 8905 1800 Fax 08 8373 3757 Fax 03 9445 1150 Fax 07 3367 2655 Fax 08 9325 7211 Fax 64 9 300 4498

Email [email protected] Web site www.flexirent.com.au

ACN 122 574 583

==> picture [76 x 56] intentionally omitted <==

FlexiGroup Limited results for the six months to 31 December 2007

Highlights:

  • Net profit after tax $16.8 million up from $15.3m

  • Fully franked dividend of 5.5 cents per share

  • Funding lines remain stable with $771m of committed facilities

  • Entered travel vertical and launched Flexiway

  • Re-launched IT rental product as Flexi Advantage with new features

Sydney, 25 February 2008: FlexiGroup Limited (FlexiGroup) today announced a net profit after tax (NPAT) of $16.8 million for the six months to 31 December 2007. This compares to the previous year’s first half pro-forma NPAT of $15.3 million, an increase of 10%.

Directors declared a fully franked interim dividend of 5.5 cents per share which will have a record

date of 27 March 2008 and will be payable on 23 April 2008.

FlexiGroup Limited Chief Executive Officer, John DeLano, said that assets financed (rental, leases, and loans) of $164 million represented growth of 18%. The Ezyway (Electrical Channel) and Flexiway (Personal Loan) products have driven growth in assets financed.

Commenting on the current uncertainties in the global funding markets Mr DeLano emphasised that FlexiGroup has stable funding lines and does not directly rely on the global capital markets as a source for its funding requirements.

“As at 31 December 2007 FlexiGroup had $771 million of committed funding facilities including undrawn committed limits of $239 million.”

“Channel, product and geographic diversification remains a key strategy and a number of new initiatives have been realised,” said Mr DeLano.

“FlexiGroup recently entered the travel vertical and now offers the Flexiway loan product at point of sale to the customers of several travel retailers.”

“Additionally, over the past six months FlexiGroup has developed four new products, including the re-launch of the IT rental product with several new features. The new product, Flexi Advantage includes benefits that appeal to both consumer and commercial customers.”

“The planned geographic expansion to Ireland is on schedule with the launch planned during the next quarter. A new rental product has been developed specifically for this market.”

“For the remainder of FY2008, FlexiGroup will continue to grow the business prudently, maintaining tight control of credit policy and operating expenses. For the full year, we expect that NPAT will be in the range of 8% to 12% ahead of last year’s pro-forma result. The business will invest in process improvement to increase operational efficiency, while pursuing diversification opportunities both internally and externally,” said Mr DeLano.

Management and Directors continue to hold 39% of FlexiGroup’s shares and none of the

positions are leveraged.

Unless otherwise indicated, all financial comparisons in this release are with the prior comparative period (i.e. the six months to 31 December 2006).

- Ends -

For further information:

Investors / Analysts Media Paul McMahon Paul Smith CFO Third Person Communications FlexiGroup t. 02 8298 6100 t. 02 8905 2163 m. 0406 018 296

Notes to Editor:

FlexiGroup is a leading provider of retail point-of-sale lease and rental finance for IT equipment and electrical appliances such as plasma TVs, audiovisual equipment and whitegoods to individual and small business customers.

FlexiGroup provides a range of lease and other finance products to customers across Australia and New Zealand, marketing its financial products under multiple brands. Brand names include Flexirent, FlexiOwn, EzyWay and Flexiway.