FlexiGroup results in line with expectations

Diversified financial services group FlexiGroup has reported a modest increase in profit and volumes for the last financial year.

FlexiGroup – which currently provides various financial services including leasing, vendor finance, credit cards and lay-by payment options – increased its net profit by six per cent to $90.1 million over the 12 months to 30 June 2015.

The group’s volumes increased five per cent to $1.1 million for the 2014-15 financial year, while closing receivables rose eight per cent to $1.4 million.

FlexiGroup’s acting CEO, David Stevens, said the results were in line with the company’s expectations despite challenging volume performance in enterprise and SME segments.

“FlexiGroup has made significant progress with its strategic transformation program. The investment made in customer-facing digitisation projects is beginning to show benefits in both cost efficiency and customer experience, and these benefits are beginning to drive positive changes in customer behaviour,” he said.

“The company is also delivering significant benefits to our retail partners, with repeat-business value and continued improvements in service levels leading to an enviable group net promoter score of +15.

“We expect to drive further sales growth and operating efficiencies in the medium term.”

FlexiGroup announced last week the appointment of Andrew Abercrombie as its new chairman.

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