News

Market Update - Investor Presentation

Tuesday, 26 Apr 2022

Credit Corp Group Limited CEO, Thomas Beregi, provided a market update on 26 April, highlighting Q3 2022 performance.

View the Investor Presentation: Market Update


Credit Corp acquisition of the Collection House New Zealand ledger book

Wednesday, 23 Feb 2022

 

Credit Corp Group Limited (Credit Corp) announces that it has entered into a binding agreement to acquire the New Zealand purchased debt ledger (PDL) book of Collection House Group Limited (Collection House; ASX:CLH) for a total consideration of approximately A$12 million. As part of the transaction, Credit Corp has acquired the senior secured debt of Collection House from its banking syndicate and advanced a working capital loan facility to Collection House, totalling A$7.5 million of funding. This $7.5 million is secured by a first ranking security over the majority of Collection House’s assets including the New Zealand PDL book and, at completion, will be netted against the $12 million purchase price, whereupon Credit Corp will release Collection House from all remaining obligations under the aforementioned lending facilities.

This investment is expected to deliver Credit Corp’s required investment return and there will be no participation in any out-performance by Collection House. Completion is expected to occur by the end of March, 2022.

Read the full media release.

 


Credit Corp reports first half profit growth of 8%

Tuesday, 01 Feb 2022

Credit Corp Group Limited reports the following highlights for the first half of the 2022 fiscal year:

  • 8% increase in net profit after tax (NPAT) to $45.7 million[1]
  • 9% growth in the consumer loan book over the half to $200 million
  • Record half-year investment driven by:

o   Step up in US purchased debt ledger (PDL) investment to $150 million+ per annum

o   Radio Rentals acquisition

  • On track for strong earnings growth across all segments over the full year

[1]Excluding $4.5 million after-tax US Paycheck Protection Program loan forgiveness during H1 FY2022.

 

Media release | Video presentation |  Full presentation | View the Appendix 4D and Interim Financial Statements


Appointment of Non-Executive Director

Tuesday, 21 Dec 2021

The Board of Credit Corp Group Limited is pleased to announce the appointment of Mr. James Millar AM as a Non-Executive Director. James brings extensive senior leadership experience to the Credit Corp Board from both his professional services and non-Executive Director careers.

 Mr. Eric Dodd, Credit Corp Chairman, noted that James has worked at the highest level throughout his career including as a leading insolvency practitioner, regional Chief Executive Officer of Ernst and Young (EY) and several high profile Non-Executive Director positions.

“James has operated successfully at the most senior levels both in professional services and as a Non-Executive Director. His leadership, business acumen and governance capability will be a great asset for Credit Corp and I am delighted that he is joining us,” he said.

Background on James Millar AM

James had a distinguished professional services career, initially in Insolvency and Reconstruction and culminating in his role as Chief Executive Officer of the Oceania Region for EY and serving on the firm’s global Board.  James is currently a Director and Chairman of the Audit, Risk and Compliance Committee of Mirvac. He has previously served on the Boards of Slater and Gordon, Fairfax Media, Macquarie Media and Helloworld.   He is also currently the Chairman of Export Finance Australia, The Vincent Fairfax Family Foundation and the Forestry Corporation of NSW.


Credit Corp to acquire the assets of Radio Rentals from Thorn Group

Tuesday, 30 Nov 2021

Credit Corp Group Limited (Credit Corp) announces today that it has entered into a binding agreement to acquire the assets of the Radio Rentals appliance leasing business from ASX listed Thorn Group Limited (Thorn) for a total consideration of approximately $60 million.

The total consideration is subject to completion adjustments and will be funded from existing cash reserves. The transaction is expected to complete in December 2021.

Most of the consideration is attributable to the existing lease receivables book, which is expected to produce Credit Corp’s targeted investment return. In addition to the existing lease receivables, Credit Corp is acquiring the intellectual property, systems and supply chain arrangements of the, now online, Radio Rentals business. The acquisition of part of these assets is initially in the form of an economic participation.

Post-closing, the business operations will transition to Credit Corp. A number of Thorn staff will initially support the transition and thereafter many are expected to be offered employment with Credit Corp.

Mr. Thomas Beregi, CEO of Credit Corp, commented that Credit Corp had plans to commence operations in the online retail by instalment segment and the Radio Rentals acquisition provided an excellent platform from which to accelerate those ambitions. “Credit Corp provides the cheapest and most sustainable finance to the Australian credit impaired consumer market and our entry into this new segment will be consistent with that approach” he said.

 

Read the full media release