ThinkSmart expects growth in 2010
ThinkSmart Limited (TSM) reaffirmed its profit guidance for 2009 and said it expected strong EBITDA growth in 2010. The computer and office equipment financing company said the key drivers behind the group delivering on its guidance of positive EBITDA earnings growth in 2009 were the ongoing strength of the group’s Australian operations and the improved performance of UK electrical retailing partner DSG international.
Executive chairman and CEO, Ned Montarello, said the company had no debt and had witnessed new funding opportunities emerge as credit markets recover.
“Importantly, we are also seeing signs of recovery in most of our European markets so this further positions us for growth in 2010,” Mr Montarello said.
ThinkSmart said it plans to offer a new services based consumer rental product in Europe in 2010.
“Our consumer rental volumes have increased five-fold in the Australian market over the past four years,” Mr Montarello said.
“It will be a simple process for us to provide a rental product to the European consumer, using the same in-store processes currently used for our small business customers.”
He added that the company’s key focus in 2010 would be to continue to align with leading retailers, including developing products that fit with the in-store services provided by those retailers.
At the close of trade Monday, ThinkSmart shares were trading at 68c.
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