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FlexiGroup 1H profit grows 31%

FlexiGroup 1H profit grows 31%

Financing company and mobile broadband provider FlexiGroup (ASX:FXL) has reported a 31% increase in 1H profit to $25 million.

The company, which provides wireless data services on the Optus network through the BLiNK brand, said volumes from this business increased 87% to $179 million.

Its Flexirent financing unit grew sales volumes 9% to $117 million in what FlexiGroup said was partly down to success in serving the emerging tablet market.

The company expects tablet volumes of 1 million units in 2011 – half its computer and laptop quantities.

“Since the IPO in December 2006 [FlexiGroup has] more than doubled NPAT and volumes,” CEO John Delano said.

As a result of the strong showing, FlexiGroup upgraded its full-year profit guidance by 8.5% to between $50 million and $52 million.

This would be an improvement of between 20% and 25% on groupwide profit from FY10.

FXL shares climbed 7.9% during Thursday's trading to close at $1.840.

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Tags mobile broadbandoptusfinancial resultsFlexiGroupJohn Delano

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