Credit Corp results ahead of expectations
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Credit Corp Group (CCP) delivered full-year earnings that were ahead of guidance this morning and said that it was expecting further earnings growth in the current financial year.
Management of the debt recovery company reported that underlying net profit jumped 12% to $29.9 million in 2012-13 versus guidance of $28 million to $29 million and is forecasting its bottom line to come in between $31 million to $33 million for 2013-14.
The company also lifted its dividend by 28% to 37 cents a share although it said that competition for purchased debt ledger (PDL) means that the amount of outstanding debts it can buy from companies could fall by around 40% this financial year.
That isn’t fazing shareholders with the stock jumping 2.1% to $9.70 this morning, which puts the stock on a 2013-14 price-earnings multiple of about 14 times.
Credit Corp is part of the Uncapped 100.
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