PLT (ASX) Ann: FY22 results presentation

Originally posted by sabine: ↑

All looked rosy a month ago?
And I guess in these times the credit ratings of customers is the biggest concern?
Yet some directors have been buying???
And I feel the drive to switch fleets to electric by well-funded businesses is unlikely to slow despite inflation.
- Plenti thinks it s ahead of the game here. https://www.plenti.com.au/newsroom/plenti-launches-into-electric-vehicle-market/
Cheers

https://www.theaustralian.com.au/bu...t/news-story/213ffb673b33b772eb2aa96655c9f634

Online lender Plenti posts profit after beating loan target

Plenti CEO Daniel Foggo. Picture Supplied
DAVID ROSS
JOURNALIST
8:01AM MAY 19, 2022

Fintech lender Plenti has pledged further efficiencies as it braces for higher interest rates, after returns from its growing loan book lifted the lender to its inaugural full-year profit.
The $500,000 profit for the 12 months to March 31 followed an interim loss of $7.5m loss in September, driven by higher than expected credit loss impairments due to loan book growth.
Plenti on Wednesday revealed it has sailed past its $1bn loan book target, which it hit in November last year.
Total loans in the book now stand at $1.3bn, driven by $1.1bn in new originations in the latest financial year.

Plenti’s new auto lending drove $639m in loans.

The new lending buoyed the bottom line, with interest revenue hitting $87.3m in the year.

Plenti is aiming to further lift profits across the business by driving efficiencies and further growing its lending to $5bn by 2025.
The lender noted it had improved its results by slashing cost-to-income ratios across the business and driving down bad debts during the Covid-19 period.
Net credit losses stood at 0.54 per cent, down from 0.96 per cent last financial year.

Plenti chief executive Daniel Foggo said the lender was reaping the dividends from its lending model and years of investing in the business.

“We think it is an important threshold moment in the evolution of what we’re building,” he said.
But Mr Foggo said he expected higher interest rates to flow through to higher rates for the lender’s customers.
“In a rising rate environment the priority is making sure we’ve got strong yields on the loans we’re funding,” he said.

Mr Foggo said Plenti would lift rates across its loans as funding costs increased through the coming financial year, before pivoting to focus on new originations in the second half.
“Really the focus for our business is maximising yields, it’s also focusing on improving our technology so that when we’re in the right market again we’re in a much better position.”

Meanwhile, Plenti said it had diversified its funding sources, and slashed funding costs through asset-backed securities deals.

The lender has established a third warehouse facility, with a specific tranche to fund electric vehicle lending.
Plenti also placed two Asset-Backed Security transactions worth circa $580m.

The lender also signed a deal in March with an Australian funder to provide $18m in capital.
Plenti noted that despite rapidly growing its customer base and branching out into automotive lending it had improved the credit profile of its customers by 17 points on the Equifax scale.

The lender said it was targeting plans to extend its product and technology advantages over other lenders in the year ahead.

The lender said it expected cash profits to increase in the coming year, weighted towards the second half.
Shares in Plenti lifted on the news, closing up 2.47 per cent at 83c each.

Expand

Foggo has been buying heaps of shares too!

I think this stock has great growth potential as it becomes profitable.

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(20min delay)
Last 95.0¢		Change 0.020(2.15%)		Mkt cap ! $168.3M

Open	High	Low	Value	Volume
93.0¢	95.0¢	93.0¢	$746.4K	787.1K

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