Thorn Group Ltd New initiatives to impact margins in the short term

New initiatives to impact margins in the short term: Thorn Group Ltd (ASX: TGA) has recently made additional provision in its accounts with respect to compensation that may be payable to customers who did not meet minimum income thresholds for their contracts. Further, negotiations with ASIC have reached a point where it anticipates that ASIC will seek a civil penalty and require further compensation and remediation. Considering this, TGA highlighted for a further provision with a $4 million profit after tax impact in its financial statements for the year ending 31 March 2017. Accordingly, the group expects net profit after tax for financial year ending March 31, 2017 to be in the range of $24 million to $26 million. TGA is also setting itself to defend against a class action to be commenced with regards to its past lending practices. For the 2017 half year, TGA’s revenue rose by 2.8% while the group stated that the implementation of its business plan has been proceeding with the sale of NCML and gradual book run off of the consumer finance book releasing funds for reinvestment into the core businesses which generate improved rates of return on capital and have growth prospects.

To read the complete report CLICK HERE. To get your free report CLICK HERE 


CLICK HERE

Disclaimer
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people.Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376).The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation.Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product.The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd currently hold positions in: BHP, BKY, KCN, PDN, and RIO. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.
Copyright
Copyright © 2015 Kalkine Pty Ltd ABN 34 154 808 312. No part of this website, or its content, may be reproduced in any form without the prior consent of Kalkine Pty Ltd.
Kalkine is a trading name of Kalkine Pty Ltd ABN 34 154 808 312, which holds Australian Financial Services Licence No. 425376.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s