Cash Converters UK Boosts International Success
Cash Converters International Ltd has announced strong half year results that have seen the company increase its profits by 42 per cent against the same period last year. The UK operations of the Australian based, second hand goods and financial services provider, is largely to thank for this continued growth.
Cash Converters International Ltd reported a record profit result of AUD$14.3 million for the half year ended 31 December, up 42.2 per cent on the previous year. Cash Converters UK Ltd has witnessed strong growth during this period, by opening 23 stores with further plans to reach its 200th store opening this Spring.
The Company owned store strategy has also continued to gain momentum with the acquisition in this half of 19 franchised stores, six in the UK and 13 in Australia. In addition seven new Company owned stores were opened in the UK, taking total corporate store numbers at the half year to 80.
David Patrick, chief executive of Cash Converters UK, said: “This continued growth and our future plans rely heavily on our strong franchisee and corporate network and our underlying aims as a business to develop further to fit changing consumer demands.
“As traditional forms of borrowing continue to become less widely available, people from all walks of life are realising the benefits of the various services offered by Cash Converters to meet short term financial requirements. Our stores offer many services including personal finance centres, pawnbroking, spread the cost and buybacks.
“The extension of our financial service offering in stores across the UK has been a strong factor in these results, alongside store openings and acquisitions.”
Cash Converters is the UK’s number one retailer buying and selling pre-owned goods and a financial services provider.