Cash conversion for second-hand sellers

CASH Converters has made a $3.8 million profit for the 2003-04 year, up about 36 per cent on the previous year.

The company’s directors have recommended that no dividend be paid.

In an announcement to the Australia Stock Exchange the company says low priced imports into Australia were continuing to erode its margins.

Despite this, the company reports, there is an upbeat feeling among franchisees in its Australian network and widespread acceptance of the introduction of personal financial services to expand their core business.

More than half the stores in the Cash Converters network have introduced a personal finance centre and are offering cash advances and money transfers with Western Union.

The company reports that Cash Converters UK has continued to make good growth, however, the US operations are not contributing to group profits.