Thorn Group warns on profits
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Thorn Group has provided guidance for net profit after tax to fall by around 30% to $17–20m in the 2018 financial year.
The downgrade is largely due to issues at Radio Rentals with installation volumes down 27% in the first half. External events like weak retail conditions were cited, as well as a number of internal issues including delays in returning customers (after launching 4-year leases 3 years ago), adverse publicity following ASIC's investigation and issues with its new online origination platform.
We are placing the stock UNDER REVIEW while we work to understand the issues more clearly, and recommend that shareholders take no action until we publish a more detailed update.
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