Cash Converters posts record FY profit

A number of acquisitions over the 2008 financial year have driven Cash Converters International Ltd's net profit up 31 per cent to a record of over $15 million.

The result was struck on revenues from ordinary activities of $74.4 million, up 62 per cent on the previous year.

Earnings before interest, tax, depreciation and amortisation rose 33 per cent to $23.4 million while earnings per share climbed 19 per cent to 6.28c.

Operating profit from the company's finance division rose 25 per cent to $17.3 million while store operations jumped 52 per cent to $4.3 million.

Overall profit from ordinary activies after tax was up 31 per cent to $15.1 million.

Over the 2008 financial year Cash Converters acquired six franchised stores in the United Kingdom and eight stores in Victoria.

It also opened its first corporate store in New South Wales.

Company owned store numbers rose to 22.