Cash Converters reports profit increase

Cash Converters has announced that it has achieved strong half-year results that have seen its profits increase by 42 per cent against the same period the previous year. According to Cash Converters, an Australian-based second hand goods and financial services provider, its operations in the UK is largely to thank for its continued growth.

For the half-year ending 31 December Cash Converters recorded profit results of AUD$14.3 million, up 42.2 per cent on the year before.

In the UK, Cash Converters has achieved strong growth during this period by opening 23 stores and there are plans to reach its 200th store opening this spring.

David Patrick, Chief Executive of Cash Converters UK, said: "This continued growth and our future plans rely heavily on our strong franchise owner and corporate network and our underlying aims as a business to develop further to fit changing consumer demands.

"As traditional forms of borrowing continue to become less widely available, people from all walks of life are realising the benefits of the various services offered by Cash Converters to meet short term financial requirements. Our stores offer many services including personal finance centres, pawnbroking, spread the cost and buybacks.

"The extension of our financial service offering in stores across the UK has been a strong factor in these results, alongside store openings and acquisitions."