Axsesstoday reported its full FY17 accounts in line with the guidance given last month
Axsesstoday provides finance too small to medium sized enterprises for equipment, including hospitality, transport, and other business critical equipment.
Key points:
- FY17 NPAT $3.6m (compared to our conservative base forecast of $2.6m)
- FY18 NPAT guidance of $6m (compared to our current forecast of $7m)
- The loan book continued to grow adding $7m since we reviewed the company in March as part of the last raising (to $167m)
- Arrears greater than 30 days have reduced from 1.5% as at April to 1.1% at June 2017(a spike in March/April is consistent with historic seasonality)
- Total credit losses in FY17 remained stable at 1.13% of net receivables (~1% FY16). General provisioning for impairments increased from $1m (Dec 16) to $2m (June 17) as part of the groups 2.5% general provision for losses
The full FY17 financial report can be found on the ASX website.