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ISCOVER
Staff Reporter
Strategic acquisitions have contributed to a strong end of financial year result for Firstfolio.
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The ASX listed group released its financial results yesterday, announcing a 47 per cent increase in net profit before tax of $4.8 million for the financial year ending 30 June 2010.
The result comes off the back of several strategic acquisitions in the past 12 months and CEO Mark Forsyth says further acquisitions are likely to be on the cards.
“FY2010 was another milestone year for the company having integrated several strategic acquisitions which took our loan portfolio beyond the $18 million mark,” Mr Forsyth commented.
“Our acquisition strategy remains clear and simple; we will continue to pursue opportunities that add economic leverage, expand distribution and diversify revenues.”
Over the past 12 months, Firstfolio acquired First Chartered Capital Corporation, Loan Services Australia, Xplore Capital and LeaseChoice, together with the more recent addition of the Apple Group.
