The West

Cash Converters lending more money
Cash Converters managing director Peter Cumins. Picture: Michael O'Brien/ The West Australian

Cash Converters has posted a 6 per cent rise in net profit to a record $29.4 million due to strong growth in its personal loans business.

Cash Converters has 102 stores in Australia and the United Kingdom, from which it sells second-hand goods and provides personal loans and cash advances.

Personal loans in Australia grew by 28 per cent in the year to June 30, to $67.6 million, while loans in the UK more than doubled to STG12.7 million ($A19.31 million).

Revenue from Cash Converters stores also rose but the costs of opening 27 new stores in the past two years reduced the profitability of that part of the business, the company said.

Managing director Peter Cumins said loans would continue to grow in the year ahead, and new store acquisitions were possible.

Cash Converter's net profit for the year to June was up from $27.7 million in the previous year.

Its shares were up 1.5 cents at 75 cents at 1.00pm.

The West Australian

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