Credit Corp: Result 2014

Despite increasing competition, debt collection continues to be a money-spinner for Credit Corp.

Australia’s largest debt collector, Credit Corp, announced a solid full-year result with revenue increasing 26% to $174m, primarily due to strong growth in its newly formed small loans business. Net profit increased 16% to $35m and earnings per share was also up 16% to 75.4 cents. The board declared a fully franked final dividend of 20 cents (ex date 24 Sep), bringing the yearly total to 40 cents, up 8%, for a current yield of 4.3%.

Credit Corp’s core business of purchasing ledgers of distressed debt from banks and utilities performed admirably, given difficult industry conditions, with purchases reaching $145m, a slight increase on the previous year.

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