- Release Date: 14/12/15 10:57
- Summary: GENERAL: GFL: GFNZ Group Media Release Sep 15 Results
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GFL 14/12/2015 10:57 GENERAL NOT PRICE SENSITIVE REL: 1057 HRS GFNZ Group Limited GENERAL: GFL: GFNZ Group Media Release Sep 15 Results GFNZ Group Limited HEAD OFFICE 6b Pacific Rise, Mt Wellington P) 0800 800 133 Media Release 14 December 2015 GENEVA FINANCE ANNOUNCES HALF-YEAR RESULTS: AFTER-TAX PROFIT UP 423% ON 2014 GFNZ Group (Geneva Finance) has announced an after-tax profit of $1.5 million for the six months to 30 September 2015, an increase of 423% on the same period in 2014. Revenue from ordinary activities was $5.7 million, a 31% increase on 2014, while operating costs were highly controlled and up only 9% on a year earlier. The company's shares are traded on the NZAX, and the latest results have produced a basic profit of 0.639 cents per share for the 12 months to 30 September 2015. Geneva Finance managing director David O'Connell says, "The revenue increase is primarily attributable to our lending business, Geneva Financial Services (GFSL), which delivered growth of more than 40% above last year. The increase in operating costs, $0.3m more than in 2014, is largely attributable to this rise in lending volumes." Furthermore, over the last 12 months total assets have increased by 37% to $60 million, a rise that is primarily attributable to higher lending during the period having positively affected the receivables ledger. The company expects to maintain the positive trend. Mr O'Connell says the half-year result represents the end of a chapter for Geneva Finance, which is the only finance company that struck trouble during the GFC yet subsequently repaid its debenture investors 100% of their principal and interest on top: $180 million in total, including $40 million in interest. "It's been a long road since the company went into moratorium in November 2007. Achieving full repayment required major restructuring. We closed 21 branches, reduced staff from 325 to 30, and reduced operating costs by $20 million annually. Contemporaneously we repositioned the lending company from third-tier to the second- and first-tier space, while focusing on both debt repayment and protecting the core lending, insurance and collections intellectual property necessary to allow the company to grow again. "Overall, the $1.5 million after-tax profit is a satisfying result that represents an improvement on the reported results of the two prior periods. All business segments were profitable and the GFNZ Group's equity ratio, at 29%, is conservative. The group is now actively looking to build on the success of the core business and explore expansion opportunities." ends For more information: Alexander Communications Kate Alexander +64 (0)27 244 6094 [email protected] About GFNZ Group Limited GFNZ Group Limited (Geneva Finance) is a New Zealand-owned finance company that provides finance and financial services to the consumer credit and small to medium business markets. At Geneva Finance we specialise in car loans and personal loans up to $50,000 with a fast, professional and friendly service. We have been looking after the financing of family vehicles in New Zealand since 2002 and pride ourselves on our competitive rates and quick approvals. GFNZ Group Limited is a listed company on the New Zealand Stock Exchange (NZX alternative market, NZAX). End CA:00275080 For:GFL Type:GENERAL Time:2015-12-14 10:57:11
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- Ann: GENERAL: GFL: GFNZ Group Media Release Sep 15 Results
Ann: GENERAL: GFL: GFNZ Group Media Release Sep 15 Results
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