Member Article

Cash Converters reap profits from personal loans

High-street pawnbrokers, Cash Converters has posted earnings growth well ahead of expectations.

The franchise, who also offer small loans, said earnings before interest and tax had increased 43.3% for the quarter ended September 30.

They said the growth had been driven by continued strong performance of personal loan books, particularly in the UK, where the company experience 146.1% growth.

Continued growth was achieved through its online platform, and the company said it had plans to make stock available via its website, as it working to facilitate in Australia first.

During the quarter, stores were acquired in Wigan and Gloucester, taking the total corporate owned stores in the UK to 61 and 161 franchised stores.

Managing director, Peter Cumins, said: “The September quarter was exceptionally strong and has exceeded our expectations. Particularly pleasing, but not surprising, is the growth we have achieved in the UK as our efforts and focus on corporate store acquisitions and growing the personal loan book is beginning to contribute strongly to our earnings.”

This was posted in Bdaily's Members' News section by Tom Keighley .