Latitude Financial chief executive to step down next August, says underlying profit slightly higher than consensus at $93 million after headline slumps on transaction costs.
Latitude Financial chief executive Ahmed Fahour will leave the private-equity controlled company he floated next August, as the company revealed its first results since the collapse of what had been touted as aLatitude’s statutory net profit after tax of $30.6 million was down 57 per cent on the second half of 2021 and down 66 per cent on the first half, dragged lower by the Humm deal costs and restructuring fees.
. But rising interest rates have put the brakes on the ambitions of many in the sector, with the collapse of the Humm deal meaning Latitude was unable to add 1.8 million customers to its books. Humm Group founder Andrew Abercrombie objected to the terms of the deal and appealed to shareholders to block it, leading to a dramatic resignation of all other Humm directors including chairman Christine Christian and John Wylie in June after they mutually agreed with Latitude to terminate the deal.
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