Finance company survivor profits

Geneva Finance, one of the few finance companies which survived the GFC, has reported an unaudited after-tax profit of $6.1m for the 12 months to March 31, an increase of 19% on the same period last year.

Its revenue from ordinary activities up 23%. “From a profitability perspective, it has been a satisfactory year with revenues up 23% and profit up 19%," managing director, David O’Connell said. "In addition, a combination of operational changes and acquisitions has positioned each of the business segments to build on this platform."

"The profit growth was primarily attributable to the growth in interest income from the receivables ledger (up 7.4% on last year); Growth in revenues of our debt collections business (up 214% on last year) also contributed while the insurance operations maintained profit at prior year levels.”

Since balance date Geneva has acquired a small invoice factoring business. It says this will both complement its existing financial services offer and provide further growth opportunities.