Profits rise for Thorn Group

Radio rentalsThe financial services company behind Radio Rentals, Thorn Group, has lifted its annual profit and expects a further boost from government tax breaks for small businesses.

Thorn lifted its profit 8.7 per cent to $30.6 million in the year to March 31, with the result aided by the group’s acquisition of business lender Cash Resources Australia.

Radio Rentals remains the largest contributor to group earnings, with revenue growing 25.1 per cent to $246.2 million and gross consumer lease receivables growing by 75.2 per cent to $219.6 million, mainly assisted by longer term 48 months contracts. Reported EBITDA lifted 13.3 per cent to $56.1 million.

The group says it will continue to look for acquisitions and expects its Thorn Equipment Finance business will benefit from tax cuts and asset writeoffs announced for small businesses in the May budget.

AAP

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