Perth-based office equipment financing company ThinkSmart Ltd said it is on track to meet its full-year forecasts despite an adverse dollar, as it posts a 39 per cent increase in half-year earnings.
Over the six months to the end of June 2008, the company reported a 39 per cent lift in earnings before interest tax depreciation and amortisation, excluding initial public offer costs and US start up costs, of $5.7 million, up from $4.1 million in the previous corresponding period.
Net profit attributable to members was up from a loss of $1.5 million to $2.2 million.
The company declared an intereim dividend of 2 cents per share, partly franked to 40 per cent.
"This is a solid result in a very challenging global environment," said ThinkSmart chief executive Ned Montarello said.
"We've boosted earnings against the backdrop of a higher Australian dollar, higher interest rates and an unsettled global economy."
"Revenue rose 20% in the U.K. and 19% in Australia.
"We've also focused our business to deliver new territories and revenue lines that were not a part of prospectus forecasts, and as we establish these through the remaining half of 2008 we are positioning ourselves for continued growth in 2009 and beyond."
ThinkSmart's successful rollout into Florida in the United States with Office Depot, the world's second largest office supplies superstore chain, has seen the business bring forward plans for national expansion, with all 137 Texas stores confirmed for a late September launch and 159 Californian stores targeted prior to Christmas.
The subsequent roll-out to the remaining 758 stores is scheduled for for the first quarter of next year.
