Cash Converters smashes financial records
With its impressive sales and rapid business expansion, Cash Converters UK Ltd has helped Cash Converters International Ltd to achieve its most successful financial year in the company's 24 year history.
For the year ended 30th June, Cash Converters International financial profit has shot up 34.2 per cent on the previous year, achieving an impressive record profit of AUD$2.16 million. Cash Converters UK Ltd has seen store numbers increase by a record 21 to 157 during this period.
Chief Executive of Cash Converters, David Patrick (pictured right) said: "The extension of our financial service offering, with the launch of cash advance and personal loans products in the UK in October 2009 has been a strong factor in these results, alongside store openings and acquisitions."
The company owned store strategy has gained momentum with the acquisition this year of 13 franchised stores, four in the UK and nine in Australia. In addition five new company owned stores were opened in the UK, taking total corporate store numbers to 58. At least 12 new company owned stores are planned for the UK in 2011.
"Our continued store growth reflects the popularity of the range of services, from financial services, pawnbroking and laybys, to buybacks, that Cash Converters is able to provide. We are currently implementing a franchise owner recruitment drive to ensure continued store growth with plans for 200 stores open by June 2011," said Patrick.