Financial services company, FlexiGroup Ltd
(ASX:FXL), has reported its cash net profit rose 8% to $97 million last financial year – driven by higher volumes and receivables growth.
However, FlexiGroup’s statutory NPAT was $50.2 million (which is a drop of 39%). This was due to deal and integration costs from its entry into the NZ cards market – namely its acquisition of Fisher & Paykel Finance. There were also impairments from “discontinued operations” – particularly its enterprise, paymate and telco business units.
The company says there was significant growth momentum in its cards business, including its recent Flight Centre contract. FlexiGroup has entered a deal to interest-free finance to the travel agency’s customers.
The company declared a final fully franked dividend of 7.25 cents per share, which represents an 8.3% yield.
