News

Credit Corp delivers a solid result in challenging conditions

Tuesday, 02 Aug 2022

Credit Corp Group Limited reports the following highlights for the 2022 financial year:       

  • 9% increase in net profit after tax (NPAT) to $96.2 million1
  • Record annual investment:
    • US purchased debt ledger (PDL) outlay 80% above previous peak (FY2020)
    • Gross lending volume 24% above prior record (FY2019)
  • 16% increase in US segment NPAT
  • Recovery in lending segment earnings and loan book

1 Statutory NPAT of $100.7 million includes $4.5 million US Paycheck Protection Program (PPP) loan forgiveness.

Read the full Media Release  |  View the Video presentation  |  View the full presentation  |  View the Annual Report


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.