Despite profits jumping, the debt collector has forecast weak flows from Australian credit cards.
Debt collecting giant Credit Corp has warned of lukewarm profits, partly due to Australians refraining from loading up on credit-card debt.’s warning of profits remaining flat or dipping in the current financial year. Sydney-based Credit Corp shares were down $2.42, 10 per cent, at $21.90 in midday trade.
Mr Beregi forecast that profits this year would land between $90 million and $97 million, with the Australian and US issues remaining a challenge.“We’ve got plans in place to address them and we’ve guided to roughly hold our profits … whilst building a lot of cash flow for any opportunities that might arise,” he said.
Credit Corp had swooped on rival Collection House’s debt ledgers in the past two years, when that company was desperately offloading assets.Asked about interest in buying the remaining business, Mr Beregi said Credit Corp had already bought the Collection House debt ledgers that were its primary interest.
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