Cashies up on loan growth
UPDATE 2.30pm: Shares in Cash Converters were higher after the short term lender announced a 38.3 per cent hike in normalised EBITDA to $15.9 million for the third quarter.
Revenue over the quarter was up 29.4 per cent to $85.3 million, driven by a $9.1 million increase in personal loan income and an $11 million hike on corporate store revenue.
The company's personal loan book grew by 24.4 per cent to $100.3 million over the previous corresponding quarter.
Online personal loans were up 151.7 per cent to $14.6 million.
The value of online cash advance and personal loans approved was up 160.9 per cent to $16.7 million.
Cash Converters managing director Peter Cumins said the company was particularly pleased with the solid growth in online loan products in the third quarter.
"The UK market remains tough but now it seems we are emerging from the transitionary issues resulting from the new Australian regulatory requirements and our loan products are once again seeing good rates of growth," he said.
"We expect this growth to continue."
Cash Converters shares closed up 6.5 cents, or 6.31 per cent, at $1.095 after touching an intraday peak of $1.12.
