Credit Corp Group (ASX:CCP) May 2013 Update19 May 2013
Thursday saw another positive update from Credit Corp Group (ASX:CCP), pushing revised targets to the upper end of the previous guidance in from December.
|Earnings underlying||$28-29m (61-63cps)||$27-29m (59-63cps)|
|Earnings Reported||$30-31m (65-67cps)||$29-31m (63-67cps)|
One thing to keep an eye on is the progress of the startup business in the US. After a slow start, it's starting to gain traction with recent purchases in line with pro-forma returns. Things are ramping up with employees growing from 30 to 40, and PDLs from $4m to $5m since the start of the year. This is the future growth engine of Credit Corp and reaching a state of acceptable returns is a big achievement which may see the expansion accelerate.
The quarterly breakdowns of revenues is also looking good, so they may be some slight upside for the final FY13 result.
CCP last traded at $9.67.
Disclosure: At the time of publishing I own shares in CCP