Geneva Finance Limited (NZX: GFL) Half Year Pretax Results Up 44%

Monday 30th November 2020

Trading Performance

The group reported a pre-tax profit of $3.3m, 44% up on last year. Profit after tax, attributable to the Geneva Group shareholders, totaled $3.0m up 108% on last year. The pre-tax profit improvement was led by Quest insurance (Up $0.9m, 126%) and the invoice finance operation (GCL up $0.3m, 96%). In addition, each of the trading operations continued to build on the business improvements initiated last year, with all positioned to deliver profit improvements in the second half of this financial year.

Highlights/ Key Events

• Lending volumes from May20 - Sept 20 (excluding Apr lockdown) were 21% up on last year.

• Quest premium Sales continue to grow and increased by 31% to $8.7m

• The operational changes made in the second half of Mar 20 year and since, have resulted in each of the loss-making operations turning around to near breakeven and now moving into profit.

• Group Revenue grew by 8% to $16m.

• Total group assets increased by 7% to $132m.

Dividend

The board have resolved to declare an interim dividend of 1.25 cents per share. The ex dividend date is 10 December 20, and the dividend will be paid to shareholders on 15 December 20.

See the links below for more details:

NZX Results announcement - September 2020

Commentary profit announcement - Sep 20

Dividend Distribution Notice Rule 3.14.1

Source: Geneva Finance Limited

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