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Cash Converters in acquisition talks

 

Cash convertersCash Converters is considering more acquisitions after an increase in personal loans helped lift the pawnbroking franchise’s quarterly revenue by more than a quarter.

Cash Converters says revenue for the first quarter rose 26.2 per cent to $97.2 million in the three months to the end of September.

Driving revenue growth was its personal loans business, which increased its book by 23.4 per cent to $105 million.

Cash Converter’s online personal loans in Australia doubled to $13.1 million.

The company expects strong demand for its loans to continue, especially during the Christmas season.

Cash Converters MD, Peter Cumins, says the company’s financial performance has improved, with earnings before interest, taxes, depreciation, and amortization up 61 per cent.

“In addition, we are considering opportunities across the Cash Converters network for further acquisitions,” he said.

Shares in Cash Converters were up six cents at $1.06 at 1005 AEST.

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