Collection House profits down

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Reports from Australia show increasingly tough times for debt collection agencies. Report from Sydney Morning Herald-

Debt collector Collection House has posted a fall in annual net profit after exceptional items but says it is well positioned and looking forward with confidence.
The company’s net profit was $7.85 million for the year ended June 30, down 37 per cent on the prior financial year’s $12.39 million after impacts from the disposal of non-core businesses.

However, Collection House announced a rise in revenue from continuing businesses, a four per cent lift in underlying pre-tax profit to $10.5 million for the 12 months to 30 June 2009 and an increase in its final dividend.

It’s shares closed up 5.5 cents at 54 cents, a rise of 11.34 per cent, after the better than expected result.

Chief executive Tony Aveling said a range of initiatives implemented in response to the global financial crisis led to positive outcomes for the company and it was “looking forward with confidence”.

“When the crisis hit we recognised we needed to change tack,” Mr Aveling said.
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