Tuesday, 30 May, 2017 - 14:02
Cash Converters leadership shake-up
Payday lender Cash Converters is overhauling its management as it works to improve lending practices and arrest a sharp slide in its share price.
Cash Converters International Limited operates as a franchisor of second-hand goods and financial services stores under the Cash Converters name.
Its franchise operations engage in the sale of franchises for the retail sale of second hand goods and the sale of master licenses for the development of franchises.
Rank | Company | 1 Yr | 5 Yr |
---|---|---|---|
488th | Ramelius Resources | 25.6% | 17.48% |
489th | GWA Group | 25.51% | -1.48% |
490th | Cash Converters International | 25.05% | 6.57% |
491st | Ingenia Communities Group | 25.03% | 3.75% |
492nd | Lion Energy | 25% | 4.56% |
Rank | Company | # | |
---|---|---|---|
21st | ![]() |
Fleetwood | $419.85m |
22nd | ![]() |
Cedar Woods Properties | $407.65m |
23rd | ![]() |
Cash Converters International | $381.19m |
24th | ![]() |
Lycopodium | $345.45m |
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Payday lender Cash Converters is overhauling its management as it works to improve lending practices and arrest a sharp slide in its share price.
David St Denis has been appointed chief operating officer of Admedus. He succeeds Julian Chick, who has resigned from the company.
One year into his new job, Cash Converters chief executive Mark Reid is on a culture change journey.
Cash Converters International has recorded an 18 per cent decline in net profit for the half year to December as the company transitions its business under chief executive Mark Reid.
Perth-based Cash Converters International has made a $650,000 settlement payment in relation to concerns over its debt collection practices, as the company transitions the process to a specialist third party.
Cash Converters International has boosted its coffers with a $39.5 million capital raising, with the proceeds set to strengthen the company’s balance sheet and be used to reduce debt.
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Cash Converters International has posted a $22.5 million profit for the 2018 financial year, while also announcing the resignation of chief executive Mark Reid.
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Cash Converters International has appointed Bank of Queensland's Sydney-based group executive, Brendan White, as its new chief executive, starting in March next year.
Cash Converters International says it expects a loss of between $2 million and $4 million for the 2019 financial year, largely due to a class action settlement in Queensland.
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Investors have welcomed an agreement by Cash Converters International to pay $42.5 million to settle a class action in Queensland.
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Brendan White has resigned as chief executive of Cash Converters International due to increased family commitments. Sam Budiselik, who has been with the company since 2016 and as chief operating officer since July 2017, has been appointed to take over as chief executive.
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Cash Converters is claiming a solid balance sheet after it extended a $150 million securitisation facility, following a turbulent time for the payday lender.
Cash Converters has posted a $10.5 million loss, while chairman Stuart Grimshaw is the latest to leave the company.
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Journalist Matt Mckenzie talks to Cash Converters managing director Sam Budiselik about the company's financial year results, the subprime loan market, and use of machine learning.
Cash Converters has booked stronger revenues for the half-year despite losing a quarter of its trading days to the pandemic, but a revaluation of its stores has hindered the Perth-founded franchise's bottom line.
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Cash Converters has been forced to tighten up its anti-money laundering program and has flagged plans to write-off its entire goodwill.
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Lender and second-hand goods retailer Cash Converters has announced it recorded a $9.9 million statutory net profit after tax during the first six months of the 2024 financial year.
Despite a slight dip in revenue following the festive season, Cash Converters is keen to build on its momentum for the remainder of the 2024 financial year.
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Cash Converters managing director Sam Budiselik says the company’s improved assessment of credit risk has aided the company’s half-year financial performance.
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