CCP – Credit Corp Group
Date: 24/8/2006
Author: Marc Moncrief
Source: The Age — Page: B5
Debt collector Credit Corp has registered a 97% increase in profit to $A14.4m for 2005-06. The company believes that rising interest rates provide an optimistic outlook for its business as more Australians default on their loans. It bought $A93.4m of debt in 2005, which more than doubled the 2004 figure of $A33.4m. However analysts pointed out that firms like it will find it tougher to collect debts in times of rising interest rates. Credit’s share price leapt to $A7.73 on 23 August 2006, compared with $A3.50 a year ago
Author: Marc Moncrief
Source: The Age — Page: B5
Debt collector Credit Corp has registered a 97% increase in profit to $A14.4m for 2005-06. The company believes that rising interest rates provide an optimistic outlook for its business as more Australians default on their loans. It bought $A93.4m of debt in 2005, which more than doubled the 2004 figure of $A33.4m. However analysts pointed out that firms like it will find it tougher to collect debts in times of rising interest rates. Credit’s share price leapt to $A7.73 on 23 August 2006, compared with $A3.50 a year ago
Date: 24/8/2006
Author: Stewart Oldfield
Source: The Australian Financial Review — Page: 22
Credit Corp has achieved a market capitalisation of $A333 million. On 23 August 2006, the group’s shares gained $A0.27 to $A7.73 as it announced a $A14.4 million profit for the year to 30 June. Over the period, the company invested in $A93.4 million worth of debt ledgers. Credit Corp has upgraded its target for debt ledger acquisitions to between $A80 million and $A95 million for the current year. MD Geoffrey Lucas says the company is examining developments in the US market but says it has no plans to enter it at this time
