West Perth-based computer and office equipment financing company ThinkSmart has increased first half profit by 17 per cent despite a five per cent drop in revenue and says it remains on target to lift full year earnings.
Net profit for the six months ended June 30 was $2.62 million, up from $2.25 million in the previous corresponding period.
ThinkSmart, which has operations in the UK, Spain, Italy, Australia and New Zealand, generated earnings before interest, tax, depreciation and amortisation (EBITDA) of $5.7 million.
Revenue fell five per cent to $18.34 million, largely due to lower volumes in mainland Europe.
ThinkSmart said it remains positioned for a "solid full year performance given that earnings are expected to be weighted to the second half."
"ThinkSmart is on target for continued positive growth in 2009," executive chairman and chief executive Ned Montarello said on Friday in a statement.
"We've delivered a strong performance from our Australian business, growing volumes by 20 per cent and EBITDA by 56 per cent, which is reflective of the resilience of the Australian economy and strength of our retail partners over this period."
ThinkSmart said its margins have grown by seven per cent and it has seen an increasing contribution from non-brokerage income sources.
The company declared an interim dividend of 1.5 cents, compared to two cents in the previous corresponding period.
And Mr Montarello has agreed to a three year contract extension.
At AEST1108 shares in ThinkSmart had fallen 5.5 per cent, or three cents, down to 68 cents.
