Computer and office equipment financing company ThinkSmart Ltd
(ASX:TSM) has reaffirmed its guidance for 20% growth in earnings in fiscal 10 after reporting a strong first quarter.
At the company’s annual general meeting in Perth today, CEO Ned Montarello told shareholders that the company is continuing to grow its distribution channels, improve its core product offerings and improve its product delivery.
Mr Montarello says ThinkSmart delivered strong like-for-like earnings before, interest, tax, depreciation and amortisation growth through the first quarter of this calendar year.
With over 95% of its earnings generated from Australia and the UK, ThinkSmart says Australia has notably achieved a significant like-for-like gain in applications as a result of the company’s enhanced consumer rental product.
The Australian side of the business delivered earnings above expectations in the first quarter and although April and May have been softer, have still been positive to budget and achieved sound year-on -year growth.
In the UK, the company says it is seeing the benefits of its new funding agreement with Secure Trust Bank and a rebuilding of the business channel in the PC World stores which have contributed to a particularly strong May after a subdued four months.
ThinkSmart’s 2009 profit was stronger than its result the year before.
