Plenti's record cash NPAT and key highlights

Plenti Group Limited (ASX: $PLT) has reported a record Cash NPAT of $6.1 million for the full year ended 31 March 2024. The company's loan portfolio increased to $2.14 billion, reflecting a 21% rise from the prior corresponding period (PCP) and a 3% increase from the prior quarter. Plenti also commenced testing of the 'NAB powered by Plenti' car loan customer experience and NAB system integrations, ahead of the expected delivery this quarter. Additionally, the company achieved its FY24 objectives for growth, profitability, and efficiency.

Executive commentary on Plenti's performance and outlook

Our focus over the quarter was delivering on our full year objectives, whilst laying strong foundations across the technology and operational processes required for the upcoming 'NAB powered by Plenti' car loan launch. By delivering on our objectives we have continued to differentiate Plenti compared with other lenders in each of our diverse lending markets. We are pleased to have grown our Cash NPAT over 35% in FY24 despite funding cost and credit headwinds experienced across the industry, proving the operational leverage inherent in our business model, as well as the prime nature of our loan portfolio. We enter our FY25 financial year excited about our ability to drive strong operational and financial results in our existing lending channels, whilst also delivering on exciting new growth initiatives including the 'NAB powered by Plenti' car loan.

Summary of Plenti's performance and outlook

Plenti's performance in FY24 has been marked by significant achievements, including the growth of its loan portfolio, strategic partnership with NAB, and the delivery of its FY24 objectives for growth, profitability, and efficiency. The company's record Cash NPAT of $6.1 million demonstrates its ability to navigate funding cost and credit headwinds, showcasing the operational leverage inherent in its business model and the prime nature of its loan portfolio. Looking ahead, Plenti is optimistic about driving strong operational and financial results in its existing lending channels, as well as delivering on new growth initiatives, such as the 'NAB powered by Plenti' car loan. Plenti expects to release its full year results for the 12 months to 31 March 2024 on Wednesday 22 May 2024, and is poised to continue improving its offering to customers, driving growth and profitability, and enhancing its efficiency in the new financial year.