First Impression: FlexiGroup (FXL) FY16 Result

Group new business volume for the year was $1,350 million, up 19% on the prior year, and closing receivables were up 47% to $2,094 million | FXL is launching a new payments product, Oxipay, in Sept | Dividend per share lower from FY16 due to shares issued as part of capital raise in Nov-16 (22% of issued share capital)- payout 56% of cash NPAT | Divisional Highlights; No Interest Ever Cash NPAT growth of 3%, volumes down 3%, and 2% decline in receivables; Australia cards NPAT growth 14%, driven by 40% volumes growth and 34% receivables growth; Australia Leasing cash NPAT decline 23% with volumes down 14%, receivables down 11%: impacted by lower volumes across all sectors; NZ Leasing cash NPAT growth 67% driven by 63% growth in volumes and 21% growth in total receivables | Net operating cash flow up 22% to $147.4m.