In preliminary results for the year to March 2021, consumer and business finance company Thorn Group reports revenues have fallen as its Radio Rentals business struggled, and high arrears forced its business finance division into run-off.
The number of units installed by Radio Rentals in the year to March was down 93%, and the division’s revenue fell from $162 million in 2019/20 to $71 million.
Provisions for losses in Thorn’s consumer business rose, but less so than in Thorn’s business finance division, where the 30-day arrears rate blew out to 36.6% in July. Having breached compliance parameters of its warehouse funding, the warehouse was put into run-off and Thorn has stopped originating business finance.
For the year to March, Thorn reported 30-day arrears were 8.6%, which is still in breach.
In preliminary results for the year to March 2021, consumer and...
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