Plenti upgrades profit forecast
Plenti Group Limited (Plenti) is pleased to announce it expects to be Cash NPAT profitable for the full year to 31 March 2022 (FY22), and that the Company has achieved its loan book growth target for the financial year.
We're upgrading our profit forecast for FY22.
After achieving positive monthly Cash NPAT for the first time in October 2021, monthly Cash NPAT has continued to increase each month. In line with this growth in profitability, Plenti now forecasts delivering Cash NPAT of at least $2.2 million in the 6 month period ending 31 March 2022 (2H22). The Company had previously communicated a Cash NPAT objective of at least $1.0 million in 2H22.
Plenti’s upgraded Cash NPAT forecast would result in the Company achieving Cash NPAT profitability for the full FY22 financial year – a significant Company milestone.
Additionally, Plenti has already met its financial year loan portfolio target of $1.25 billion, with the current loan portfolio at approximately $1.275 billion.
Commenting on the Company’s upgraded financial forecast, Daniel Foggo, Plenti’s Chief Executive Officer, said:
“We are pleased to be upgrading the forecast for our key profitability metric, as we believe profitability is the critical yardstick against which any business should be measured.
“Our proprietary technology platform is delivering operating leverage as we scale while continuing to provide exceptional customer experiences, helping us take market share.
“Having moved to a positive Cash NPAT position, combined with the attractive corporate debt facility announced last week, Plenti is well-placed to continue its growth into the next financial year.”
