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Slovar Limited — Earnings Release 2014
Feb 24, 2014
17773_rns_2014-02-24_25607fc9-e809-46b0-aba4-52bb2781f6ff.pdf
Earnings Release
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money3
Level 1, 40 Graduate Road, Bundoora, 3083 | T 613 9093 8255 | F 613 9093 8227 | www.money3.com.au | [email protected]
MONEY3 DELIVERS 100% PROFIT GROWTH
Money3 Corporation Limited (Money3) is pleased to announce an unaudited profit before tax of $4.4M (2012: $2.2M) a rise of 100% over the corresponding period.
FY14 Financial Highlights:
- 100% increase in Profit before tax to $4.4M
- 88.2% increase in written income to $28.6M
- 14.3% increase in the interim dividend to 2 cents per share
- Upgraded forecast FY14 normalised profit before tax to $9.0M.
Secured Lending
Compared to the prior corresponding period earned income in the secured division was up by 116.1% to $6.7M while written income increased from $6.7M to $12.7M. Written income flows through to earned income over the life of the loan. The value of written income to future earnings is a strong indicator as to how this division is performing.
CEO of Money3 Robert Bryant said “the equity raised last year capitalised the company and allowed the strong secured lending growth. Going forward we are confident in securing debt funding options for both secured and unsecured loan books. This will underpin strong earnings growth for the immediate future.”
Unsecured Lending
The growth in revenue from the unsecured lending division has increased from $6.9M to $12.5M.
Mr Bryant said “during a time of considerable regulatory change and doubling of our branch network, Money3 proved robust and able to produce extraordinary results in this first half 2014 and we expect the 33 Cash Store branches to contribute strongly to revenue in the second half 2014.”
Outlook
With access to funding, settling in of regulations, committed staff and robust systems Money3 has upgraded its forecast normalised Profit before tax to $9.0M from $8.5M for the year ending June 2014.
Commenting on the revised forecast Mr Bryant said “January sales and profit has continued to deliver growth and we are confident of our revised profit guidance.”
Yours sincerely,
Craig Harris
Company Secretary & CFO
25 February 2014
Money3 Corporation Limited | ABN 63 117 296 143 | Australian Credit Licence: 389 782
Registered Office C/o BBA Fitzroy Pty Ltd, Level 1, 48 High Street, Northcote, Victoria, 3070
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