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PLENTI GROUP LIMITED Interim / Quarterly Report 2021
65577_rns_2021-05-24_b4aec7c8-7d27-4a05-9275-5f77fc7105bd.pdf
Interim / Quarterly Report
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25 May 2021 ASX Release
Preliminary Final Report Appendix 4E
Plenti Group Limited (ASX:PLT) provides the attached Preliminary Final Report 2021 Appendix 4E.
ENDS
Authorised for release by: the Board of Plenti Group Limited.
For more information please contact:
Daniel Foggo Chief Executive Officer [email protected] Julia Lefort Head of Corporate Affairs [email protected] 0415 661128
About Plenti
Plenti is a fintech lender, providing faster, fairer loans through smart technology.
We offer award-winning automotive, renewable energy and personal loans, delivered by proprietary technology, to help creditworthy borrowers bring their big ideas to life.
Since establishment in 2014, our loan originations have grown consistently, supported by diversified loan products, distribution channels and funding, and underpinned by our exceptional credit performance and continual innovation.
For more information visit plenti.com.au/shareholders ABN 11 643 435 492
Plenti Group Limited
Plenti Group Limited Appendix 4E
Preliminary final report
1. Company details
| Name of entity: | Plenti Group Limited |
|---|---|
| ABN: | 11 643 435 492 |
| Reporting period: | For the year ended 31 March 2021 |
| Previous period: | For the year ended 31 March 2020 |
2. Results for announcement to the market
| vs PCP | $'000 | |||
|---|---|---|---|---|
| Revenues from ordinary activities | 28.0% | to | 53,125 | |
| Loss from ordinary activities after tax attributable to the owners of Plenti Group Limited | 7.0% | to | (15,092) | |
| Loss for the year attributable to the owners of Plenti Group Limited | 7.0% | to | (15,092) |
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The loss for the Group after providing for income tax amounted to $15,092,000 (31 March 2020: $16,232,000) an improvement of 7.0% on the prior year.
On 18 August 2020 the shareholders of the Company and Plenti Pty Limited and its controlled entities undertook a corporate reorganisation process prior to an initial public offering (IPO) on the ASX. Through this reorganisation, the Company acquired Plenti Pty Limited, the existing head operating entity, and its controlled entities (Pre-IPO Plenti Group).
This corporate reorganisation does not represent a business combination in accordance with AASB 3 'Business Combinations', and the appropriate accounting treatment for recognising the new group structure is on the basis that the transaction is a form of capital reconstruction and group reorganisation. Accordingly, the financial statements have been presented as a continuation of the Pre-IPO Plenti Group. As such, financial statements of the Group include the historical financial information of the Pre-IPO Plenti Group for the period before the acquisition. These financial statements include the financial results for the Pre-IPO Plenti Group for the period 1 April 2020 to the date of acquisition and the Group from acquisition to 31 March 2021.
The comparative information presented in the financial statements represents the financial performance of the Pre-IPO Plenti Group for the year ended 31 March 2020 and the financial position of the Pre-IPO Plenti Group as at 31 March 2020.
3. Net tangible assets
| ReportingperiodCents | PreviousperiodCents | |
|---|---|---|
| Net tangible assets per ordinary security | 27.14 | (5.21) |
The increase in the net tangible assets per ordinary security in the current reporting period was driven by the $55 million proceeds raised on IPO and conversion of outstanding convertible notes from debt to equity, which contributed a further $11 million to net assets.
Appendix 4E
Preliminary final report
4. Control gained over entities
Not applicable.
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
11. Attachments
Details of attachments (if any):
The Annual Report of Plenti Group Limited for the year ended 31 March 2021 is attached.