ThinkSmart Ltd (ASX:TSM) has posted a 5% increase in profit to $2.75 million for the six months to 30 June, and says it anticipates continued growth in Australia.
The computer and office equipment financing company says profit growth was dampened by the strength of the Australian dollar, adding that net profit after tax would have increased by 22% if exchange rates for the half remained the same as in 2009.
For the six months to June ThinkSmart reported a 31% increase in EBITDA to $4.6 million.
Executive chairman Ned Montarello says however, the UK business performance was soft from UK partner Dixons, though the company is targeting between 8-12% growth for the year ahead.
While operations in mainland Europe represent less than 5% of group revenue at this stage, Thinksmart says it is continuing negotiations with prospective funding and retail partners.
In Australia, ThinkSmart has extended its business relationships with key retailers Dick Smith and JB Hi-Fi.
ThinkSmart reported a $5.17 million profit for the year to 30 December 2009.
TSM Price at posting:
70.1¢ Sentiment: None Disclosure: Held
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