The success of Cash Converters International’s motor vehicle finance business GLA has pushed the company’s full-year after tax profit to $22.5 million
That’s a gain of 9.1%.
GLA recorded its maiden profit of $2.6m, up from a $400,000 loss in 2017, with its overall vehicle loan book up 109.3% to $42.1m, The Australian reports.
“The GLA vehicle finance business has evolved into a meaningful part of the company’s growth strategy, with momentum continuing to increase GLA’s share of the auto finance market … Cash Converters will continue to capitalise on this early state momentum,” Cash Converters says in its annual report.
But overall, Cash Converter’s revenue was down 4% to $260 million.
The company has also announced the resignation of chief executive Mark Reid, who joined Cash Converters in 2015.
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