- Automotive finance company Money3 Corporation (MNY) has upgraded its 2021 profit guidance
- The automotive finance company was expecting around $36 million but this has now increased to $38 million
- The forecast growth follows a strong second half of the 2021 financial year
- Over the third quarter, for example, Money3 reported revenue of $105 million, a 12.5 per cent increase from this time last year
- On market close for the day, Money3 is up 1.74 per cent and is trading at $2.92 per share
Money3 Corporation (MNY) has upgraded its 2021 profit guidance, following a strong second half of the financial year.
The automotive finance company was previously expecting around $36 million but this has now increased to $38 million.
“We continue to experience strong organic new loan originations through the second half of the financial year and expect this trend to continue into FY22,” Managing Director Scott Baldwin said.
Over the third quarter of FY21, Money3 reported revenue of $105 million, a 12.5 per cent increase from this time last year.
Earnings before interest, taxes, depreciation, and amortisation increased 34.6 per cent to $59.9 million. It had a net profit after tax of $28.6 million which marks a 25.4 per cent increase.
During the period, the company completed the purchase of Automotive Financial Services (AFS) which is a lending business that specialises in vehicle loans of up to $100,000.
The acquisition aligns with Money3’s strategy of financing a broader market and extending the company’s product offering.
Notably, this purchase will improve the 2022 financial earnings by $2 million in net profit after tax.
On market close for the day, Money3 is up 1.74 per cent and is trading at $2.92 per share.