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Thorn Group fiscal H2 profit climbs 15.1% YOY

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Thorn Group fiscal H2 profit climbs 15.1% YOY

Thorn Group Ltd. said its normalized net income for the fiscal second half ended March 31 was 10 Australian cents per share, an increase of 13.8% from 9 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$15.5 million, a gain of 15.1% from A$13.5 million in the prior-year period.

Total revenue grew 17.7% on an annual basis to A$143.9 million from A$122.3 million, and total operating expenses rose 16.7% on an annual basis to A$116.2 million from A$99.6 million.

Reported net income rose from the prior-year period to A$15.4 million, or 10 cents per share, from A$14.8 million, or 10 cents per share.

For the year, the company's normalized net income totaled 19 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 21 cents.

EPS rose 13.0% from 17 cents in the prior year.

Normalized net income was A$29.3 million, an increase of 14.3% from A$25.6 million in the prior year.

Full-year total revenue grew 25.1% on an annual basis to A$293.8 million from A$234.9 million, and total operating expenses increased 26.5% year over year to A$242.6 million from A$191.8 million.

The company said reported net income grew 8.7% year over year to A$30.6 million, or 20 cents per share, in the full year, from A$28.2 million, or 19 cents per share.