The FlexiGroup Limited (ASX: FXL) share price had a solid finish to the trading day on Monday, ending it up almost 2% higher at $1.63.
Why did its shares climb higher?
Just before the market closed the lease and rental services provider released a trading update to coincide with its annual general meeting.
According to the update, the company has reaffirmed that it expects to report a cash net profit after tax of between $85 million and $90 million in FY 2018.
This compares to the $90.3 million it delivered in FY 2017, which itself was down from $94.1 million in FY 2016.
While this may seem a touch disappointing, management has stressed previously that its focus would be on stabilising things in FY 2018, with its recovery expected in FY 2019.
Judging by today's share price gain, investors may have been expecting a profit downgrade today.
