Credit Corp: Interim result 2014

Debt collector Credit Corp has announced a strong interim result. Revenue rose 25% from a year earlier to $84m due to record debt ledger purchasing in 2013 and an expansion of the newly formed lending business. However, this unit is yet to turn a profit which led to an overall decline in operating margins from 34% to 30%. Net profit rose 18% to $17m and earnings per share increased 17% to 37.4 cents. A fully franked interim dividend of 20 cents was declared (ex date 5 Mar), in line with last year, to give a yield of 4%. Six...

Debt collector Credit Corp has announced a strong interim result. Revenue rose 25% from a year earlier to $84m due to record debt ledger purchasing in 2013 and an expansion of the newly formed lending business. However, this unit is yet to turn a profit which led to an overall decline in operating margins from 34% to 30%. Net profit rose 18% to $17m and earnings per share increased 17% to 37.4 cents. A fully franked interim dividend of 20 cents was declared (ex date 5 Mar), in line with last year, to give a yield of 4%.

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