Pioneer grows profit with public listing

Perth-based financial services group Pioneer Credit has delivered full-year profit of $4.6 million in its first year as a publicly-listed company on the back of strong gains in customer payments.

Pioneer reported revenue of $25.8 million, outperforming its forecast that was set out in the prospectus for its initial public offering.

It also declared a final fully franked dividend of 3.1 cents per share, with an order book valued at $97.8 million for the next financial year.

In April, Pioneer outlined plans for a $40.2 million capital raising, the largest by a Perth company in 20 months.

It offered 25.2 million shares to new shareholders valued at $1.60 per share.

“With the successful conclusion of the largest capital raising completed out of Western Australia in almost two years, Pioneer listed on May 1 2014 with a solid performance backed by an institutional shareholder base that sees the company well positioned for growth,” Pioneer managing director Keith John said.

“We regard the strong, long-standing relationships we have with our key clients as acore strength of this business.

“These relationships, and the new ones we have announced this year, form the platform for the continued growth of Pioneer.” 

Pioneer shares closed 3 per cent lower at $1.60.