Credit Corp Group profits increase 18%

Company News

by Kathy Skantzos

Debt buyer Credit Corp Group (ASX:CCP) has reported an 18 per cent increase in half year profits to $29.8 million.

The company reaffirms earlier earnings guidance representing profit growth in the range of 12 to 16 per cent.

Most of the profit growth was due to profits in the US, while profits in its core Australia and New Zealand business increased by 5 per cent in the first half of the year.

The company says its core Australia and New Zealand lending business is on track for a 30 per cent earnings growth in 2018.

Credit Corp grew its 2018 contracted debt ledger pipeline from $75 million at the start of the year to $190 million.

Shares in Credit Corp Group (ASX:CCP) are trading 1.77 per cent lower at $23.26.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.