Annual Report to Shareholders
Perth, Oct 21, 2016 AEST (ABN Newswire) - Cash Converters International Ltd (
ASX:CCV) (CKKIF:OTCMKTS) is pleased to provide its 2016 annual report to shareholders.
HIGHLIGHTS
- Strategy reset and restructuring to build on Company strengths
- Underlying profit growth
- High brand recognition and customer satisfaction
FINANCIAL RESULTS
In 2015/16 Cash Converters International Limited's underlying profit (normalised EBITDA) rose 14.5 per cent to $71.9 million. This was earned on higher revenue of $379.3 million.
These increases were achieved while the Company began implementation of a new corporate strategy and needed to manage major sectoral and regulatory change in Australia and the United Kingdom.
Over $33 million in restructuring costs were booked for the year. After these and other significant 'one off' costs, the 2016 full year net loss was $5.3 million compared with a net loss of $21.5 million previously.
AUSTRALIA
Continued to perform well. Core operations produced $72.3 million underlying EBITDA profit.
UNITED KINGDOM
Operational efficiency and cost reduction efforts successful. Latest underlying loss of $4.0 million compared with $9.0 million previously.
ONLINE
Online channels are delivering a growing volume of sales. In Australia, Webshop sales were up 38 per cent and online personal loans rose 34 per cent. In the United Kingdom online sales rose over 34 per cent.
To view the annual report, please visit:
http://abnnewswire.net/lnk/10IB407V
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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