MCL’s core HCC division once again delivered a strong performance. Market volumes remain subdued, but 11% underlying profit growth has been delivered, with efficiency gains and good credit (20% reported adjusted growth). The acquired businesses’ performances required incremental investment, and initial lending appears slightly behind track, but these issues are short-term and management has reiterated its stretching guidance for FY’20 and FY’21. We also note the cash c
21 Oct 2019
Interim FY’20 results: steady core, deal upside
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Interim FY’20 results: steady core, deal upside
- Published:
21 Oct 2019 -
Author:
Mark Thomas -
Pages:
13
MCL’s core HCC division once again delivered a strong performance. Market volumes remain subdued, but 11% underlying profit growth has been delivered, with efficiency gains and good credit (20% reported adjusted growth). The acquired businesses’ performances required incremental investment, and initial lending appears slightly behind track, but these issues are short-term and management has reiterated its stretching guidance for FY’20 and FY’21. We also note the cash c