Money3 Corporation Limited (ASX:MNY)
Managing Director, Robert Bryant, presents at the ASX Investor Series in Sydney.
Money3 provides fast approvals of short terms loans, personal loans & vehicle finance and operates through branches across Australia.
The presentation covers the company's growing dominance in the space as well as recent acquisitions.
Speaking about second tier money lending Mr Bryant says, "We are not doing just lending to people we don't understand, we're actually making a difference in their lives. There's 4-5 million Australian's that can't access credit because of a default."
"We're far from being a payday lender. We've been profitable every year since 2001. We listed on the stock exchange so that we would have transparency, we've nothing to hide, we're proud of what we do."
"Looking at the numbers, the gross margin of 31 per cent is a strong increase, part of the reason is that the cash store branches that we took over in the half year before that were just not profitable, it took a long time for staff and customers to get comfortable in what we were doing."
"We have increased our forecast from $18 million net profit before tax to $20 million."