COVID-19 - Credit Corp withdraws FY20 guidance

Friday, 20 Mar 2020

Credit Corp Group Limited (Credit Corp) advises today that it is withdrawing its 2020 earnings and investment guidance due to uncertain impacts arising from the spread of coronavirus (COVID-19).

These impacts include the potential for increased restrictions on the availability of Credit Corp’s workforce as well as the prospect of a deterioration in economic conditions which may reduce the capacity of customers to make repayments.

The company has continued to perform strongly over recent weeks and no material impacts arising from COVID-19 have yet been observed in operating results.

Credit Corp has a proven and industry-leading approach to customer hardship which delivers strong business results and sustainable consumer outcomes. The company will continue to apply this approach in circumstances of increased demand for these capabilities by the company’s major credit issuer clients.

Credit Corp’s balance sheet and funding positions are strong, with $170 million of cash and undrawn credit lines currently available under facility agreements that mature in 2022 and 2023. Gearing remains conservative. Credit Corp is well positioned to secure favourable investment opportunities as and when they arise.