UK personal loans help boost profits for Cash Converters International Ltd
In it financial report for the half-year ended 31st December 2010, the company reports a record net profit of $14.3 million for the period, representing an increase of 42.2% on last year's result. This strong half-year result has the Company well placed to improve on their previously announced full year net profit target in the range of $27 - $27.5 million.
Total revenue was up 48.3% to $87.9 million, against $59.3 million last year.
The 2010 half -year result has been the most successful in the Company's history, with a record net profit of $14.3 million, up 42.2% against the same period last year.
The UK personal loan book grew by 283% in the first half, from £593,000 at 30 June 2010 to £2.3 million at 31 December 2010 and there were 29,210 cash advances made during the period, totalling £2.8 million.
Month on month results continue to grow as the number of stores offering both the personal loan and cash advance products in the UK increases. There are now 73 stores offering these products and a roll out programme programme for the remaining 105 stores in the UK.
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