Financial Report June 2015
Perth, Sep 23, 2015 AEST (ABN Newswire) - Cash Converters International Ltd (
ASX:CCV) are pleased to announce the Company Financial Report for the period ended June 2015.
Outlook:
The Australian business continued to perform strongly in FY 2015 with normalised, underlying EBITDA up 26.4% to $71.3 million and we expect to see further growth in FY 2016 as we enjoy the full year benefits of the Kentsleigh/Cliffview transaction, the store acquisitions in February 2015 and organic growth.
The initial negative impact that UK legislative changes had from 2 January 2015 on lending volumes has eased and volumes have returned to previous levels. We are now starting to see new customer numbers increase as a result of the closure of a significant number of competitors and look forward to growth in 2016. We also expect to see an improvement in the UK result in FY 2016.
The Company is now enjoy strong underlying profit growth from two profit drivers, the Australian corporate stores and the Australian financial services business. Significant changes have now been made to the UK business and he benefit of that turnaround will start to come through in the group results for 2016.
To view the Financial Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CCV-734524.pdf
About Cash Converters International Ltd
Cash Converters International (ASX:CCV) is a franchised retail network listed on the ASX. It specialises in the sale of second-hand goods. The Cash Converters group employs modern retailing practices, professional management techniques and high ethical standards to the management of its stores throughout the chain which appeal to a wide cross section of the community. As a result, Cash Converters has been able to position its outlets as credible retail merchandise stores, resulting in a profitable market for the group.
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