The FlexiGroup Limited (ASX: FXL) share price fell as much as 17% today despite the company announcing profit and revenue growth in its most recent half-year reporting period.
For the year ended 31 December 2015, FlexiGroup reported revenue growth of 6.1% to $176.6 million and a profit of $41.4 million, up 7.5% on the prior corresponding period.
Pleasingly, the board declared an interim fully franked dividend of 7.25 cents per share, in line with last year's payment.
"New Zealand Leasing delivered standout volume and receivables growth, with Cash NPAT growth of 63%, driven by the realisation of synergies from recent acquisitions and low impairment rates," FlexiGroup Chief Financial Officer, David Stevens, said.
All but the company's Australia Leasing business reported operating profit growth, with the company's Interest Free Cards business increasing profit 23% year over year.
"Our Interest Free Cards business also delivered double digit Cash NPAT growth, with customer card spend up 37% and a number of new retail relationships signed," Mr Stevens added.
Looking ahead, the company is targeting cash net profit between $92 million and $94 million, excluding profit from the recent F&P Finance acquisition. Moreover, the board has not changed its dividend policy from a targeted payout level between 50% and 60% of profit.
