Annual General Meeting highlights

Credit Corp Group (ASX:CCP) held its Annual General Meeting on October 29, 2024. The company shared important updates about its performance and future plans. Despite a 44% drop in Net Profit After Tax to $50.7 million, they showed solid results in Australian and New Zealand markets and signs of improvement in the US.

Strategic outlook and future growth

During its AGM, Credit Corp Group (ASX:CCP) highlighted strategic diversification efforts aimed at sustaining long-term growth. The company remains competitive in its core Australian and New Zealand debt buying markets, despite lower sale volumes. In the US, Credit Corp sees significant growth opportunities and has made improvements in operations and leadership. The Wallet Wizard product in Australia contributed to a 24% loan book growth. Credit Corp continues to uphold a strong reputation in responsible lending and consumer hardship responses. Cultural values of transparency and discipline are emphasized, alongside a recent board renewal with the election of Sarah Brennan. Resolutions to re-elect key directors were adopted, supporting the company's governance and strategic direction.

Executive insights and perspectives

Credit Corp has focused on strategic diversification to maintain long-term growth and resilience, creating leading businesses in their respective markets. The core business in Australian and New Zealand debt buying remained competitive despite low sale volumes. The US market is seen as a significant growth opportunity, with operational improvements and local leadership established. The Australian lending business, particularly through the Wallet Wizard product, showed strong growth with a 24% increase in the loan book. Credit Corp maintained a strong reputation as a responsible provider, with industry-leading external dispute resolution complaint rates in Australia. The company was recognized for its consumer hardship response by financial counselling stakeholders. Credit Corp's culture emphasizes transparency, accountability, and discipline, which are crucial for long-term success. A comprehensive board renewal process has been undertaken, with Sarah Brennan joining as a Non-Executive Director.