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Slovar Limited Capital/Financing Update 2013
17773_rns_2013-06-05_0e750e09-626d-431a-8e15-d7d1ff82fbef.pdf
Capital/Financing Update
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money3
MONEY3 Corporation Limited First Floor, 40 Graduate Road Bundoora Vic 3083 – Tel: (03) 9093 8255 Fax: (03) 90938227
6th June 2013
ASX Announcements
MONEY3 Trading Update
MONEY3 Corporation Limited (ASX:MNY) is pleased to provide the market with the following update on business.
Financials
Money3 is seeing strong growth in sales across all divisions.
Written sales for the 11 Months ending May 2013
| 11 mths ending May 13 | 11 mths ending May 12 | % increase | |
|---|---|---|---|
| Secured Division | $12.9m | $4.9m | 165% |
| Unsecured Division | $14.7m | $11.2m | 31% |
Earned income for the 11 Months ending May 2013
| 11 mths ending May 13 | 11 mths ending May 12 | % increase | |
|---|---|---|---|
| Secured Division | $5.5m | $3.2m | 72% |
| Unsecured Division | $14.0m | $11.1m | 26% |
As previously advised to the market Money3 confirms a forecasted normalised profit before tax of $5.0 for the 12 months ending June 2013, which is a 38% increase on the prior year.
Legislation
The first part of regulatory implementation saw no negative impact on our volume of sales in any segment as the requirement for bank statements and restricting the customer repayments to suit the customers cash flow has always been common practice at Money3.
As anticipated legislation has provided Money3 with certainty around our product and our regulatory requirements.
In the industry we are seeing a number of competitors struggling with the new requirements and this is presenting Money3 with opportunities to expand. Money3 expects the industry to be supported by several larger players going forward rather than the cottage industry that currently services this market segment.
MONEY3 Corporation Limited
ABN: 63 117 296 143
Registered Office: Level 1, 48 High St. Northcote, Vic 3070
money3
MONEY3 Corporation Limited First Floor, 40 Graduate Road Bundoora Vic 3083 – Tel: (03) 9093 8255 Fax: (03) 90938227
Branch Expansion
With certainty around legislation Money3 has continued to expand its branch network focusing on Sydney. Over the past month Money3 has opened 4 branches, Mitcham (Melbourne), Mt Druitt (Sydney), Fairfield (Sydney) and Capalaba (Brisbane).
Following the successful capital raising through SPP and share placement, MNY is armed to expand both organically and via acquisition.
Money3 is actively looking for further expansion opportunities in NSW and QLD and is currently negotiating with several parties.
Craig Harris
CFO & Company Secretary
Money3 Corporation Limited
MONEY3 Corporation Limited
ABN: 63 117 296 143
Registered Office: Level 1, 48 High St. Northcote, Vic 3070