Yesterday shares in FlexiGroup Ltd
(ASX:FXL) rose, after the company posted a 31 per cent improvement in its half year earnings.
In the six months to 31 December 2010 the company recorded a cash net profit of $25 million.
The lease and rental financing company says the result is underpinned by strong volume growth of 27 per cent across the business.
Managing Director and CEO John DeLano says since the company’s IPO in December 2006 FlexiGroup has diversified from one to four businesses and, net profit after tax and volumes have more than doubled.
FlexiGroup has boosted its full 2011 financial year cash net profit guidance by 8.5 per cent.
A fully franked interim dividend of 5 cents per share has been declared.
Yesterday shares in FlexiGroup rose 7.89 per cent to close at $1.85.
In the 2010 financial year FlexiGroup reported a net profit of $58.9 million.
