Geneva pares loss on cost cutting, restructure
The company posted a $7 million full year loss, an improvement on its $7.9 million loss last year. Operating expenses fell 25% to $20.1 million, outstripping the 14% decline in revenue to $38.8 million.
The company's profit in the second-half of the financial year was "a function of the benefits of the improved business model and the acquisitions of both Stellar Collections and Quest Insurance Group," the company said in a statement.
"Further reductions in head count have been achieved and the business has now lowered overhead costs by approximately $12.7 million per annum."
Geneva divided its loan book in two as part of its reconstruction, with the new ledger comprising people with better credit records, and the other made up of lower quality loans.
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