Credit Corp kicks off reporting season with an upgrade

Stock

Credit Corp (ASX: CCP) $22.91 as at 29/01/2019

Event

Debt collector Credit Corp has performed well today following the release of their first half numbers this morning.

The company printed a profit number of $33.6m, which was in line with expectations, but surprised the market with an upgrade to full year guidance.

The company revised full year guidance to $69-70m, around the same level as consensus, but higher than the previously guided $67-69m.

Credit Corp noted much of the growth has been driven by US debt buying which has seen substantial growth since FY15 and is expected to add ~$5m to NPAT in FY19, exceeding expectations. Locally, the ANZ “debt buying segment sustained near-record collections.”

Credit Corp (ASX: CCP) Chart

Credit Corp Group (CCP)

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