20/02/2015 - 15:48

Pioneer interim profit ahead of expectations

20/02/2015 - 15:48

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East Perth-based financial services group Pioneer Credit has delivered an interim profit after tax of $1.6 million, but said it was still on track to achieve a FY15 profit of $6.6 million in its first full financial year as a public-listed company.

Pioneer interim profit ahead of expectations
Pioneer Credit managing director Keith John.

East Perth-based financial services group Pioneer Credit has delivered an interim profit after tax of $1.6 million, but said it was still on track to achieve a FY15 profit of $6.6 million in its first full financial year as a public-listed company.

Last May, Pioneer completed its $40.2 million initial public offering, the largest by a Perth company in 20 months, and listed at $1.60.

The company said in a statement its customer payments for the six months to December 31 2014 were $22.2 million, up 38 per cent on the prior corresponding period.

Pioneer’s earnings before interest, tax, depreciation and amortisation were $10 million, up 17 per cent on the prior corresponding period.

It declared a fully franked interim dividend of 1.75 cents per share.

Pioneer managing director Keith John said the company was progressing with the launch of its first financial services product to its customer base later this year.

The company purchases overdue retail debt from banks and works with customers to recover the loans.

Pioneer shares closed the day at $1.97 per share, up 1 per cent.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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