Strong growth still evident at Access

The public may get the impression that the dispute at the directorship level, may be affecting Access Financial Services badly, that is not showing in the profit numbers to date. Access_Financial_Services
On the surface, it may appear that a profit increase of only 13 percent, in the June quarter could be a by-product of the dispute, considering the robust 30 percent increase in profit in the March quarter, but that would be a wrong conclusion. Revenues grew 35 percent in the second quarter, to reach $267 million. Revenues grew from of $198 million for June 2013 and from $254 million in the 2014 March quarter. For the six months to June, revenues climbed 40 percent to $521 million up from $371 million in 2013, continuing its strong growth trajectory since the shares were listed in 2010. The revenue growth, was fueled primarily from interest on loans that climbed to $473 million from $347 million in 2013.
A $50 million increased provision for bad loans to $75 million, for the June quarter versus last year June quarter, was the major reason for the slower profit increase, in the quarter.
Access is still set to deliver around $1.50 earnings per share, for the current year. With equity of $750 million, the company is likely to enjoy a very strong 50 percent return on equity for the current year. The stock last traded at $8.97 but had a bid of $9.15, to buy a small quantity of the company’s stock. The stock is tightly held and is difficult to get at times. The company just declared a dividend of 36.5 cents per share payable to shareholders on September 1st.
Loans on the books at June is at $1.1 billion, a major jump from the $776 million at June 2013. Total borrowed funds used in the financing of the business, amount to $542 million compared to $360 million in June last year, with cash at $87 million.

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  1. […] tax charge left $306.7 million in net profits or $1.12 per shares up from $270 million in 2013. But Access suffered a big increase in bad loans amounting to $229 million, more than doubling the $95.7 […]

  2. […] Access Financial Services’ profit increased 13 percent in the June quarter and is up by 17 percent in the September quarter, to reach $93.57 million that is still down from the robust 30 percent increased profit, in the March quarter. The third quarter profit grew much more slowly than revenues that grew 31 percent to $272 million and slightly more than in the second quarter’s $267 million and $254 million in the March 2014 quarter. For the nine months to September, profit is up by 20 percent to$239 million or 87 cents per share. The company becomes taxable in the December quarter, but earnings should surpass $1.20 per share for the full year. In the nine months to September, revenues climbed 37 percent to $793 million from $579 million in 2013, continuing its strong growth trajectory since the shares were listed. The December quarter is traditionally the biggest quarter in income and profit generation. All things being equal, the earnings of 34 cents in the September quarter, should be well surpassed and putting full year earnings around $1.40 per share. Increase in the provision for bad loans climbed much faster than revenues in 2014 so far, with $54.6 million provided in the latest quarter, bringing the nine months to $169 million compared with $52 million in 2013. The nine months provision amounts to 23.4 percent of the loan income, this is a major increase from 12.6 percent for full twelve months of last year. Access should generate in excess of 50 percent return on equity for the current year. As of September, equity stood at $744 million, loans on the books is at $1.1 billion, a 26 percent jump from $889 million at September last year. Total borrowed funds used in the financing of the business, amount to $582 million compared to $422 million in September last year, cash funds stand at $146 million. The company paid a dividend of 36.5 cents per share payable to shareholders on September 1st this year. […]

  3. […] On the other hand there were 7 securities that had no stocks being offered for sale. At the close, Access Financial Services traded 2,295 shares to end with a decline of 2 cents at $10.48, Dolphin Cove with 3000 units trading […]

  4. […] main trades was Lasco Manufacturing with 210,404 units with a loss of 6 cents to end at 90 cents, Access Financial Services trading 10,000 units at $10.50 and was the only stocks with a gain, with the price rising 32 cents […]

  5. […] Access Financial Services has advised of the appointment of Messer’s Neville James and Gary Peart as shareholder Directors to the board of the company. The appointments will take effect at the end of the Annual General Meeting scheduled for September 10. James represents the his family side, while Peart will represent Mayberry Investments, one of the major shareholders in Access. The appointments will increase the number of board members, but still leave the board short of adequate number of independent directors to help guide the company and try to bridge the differences that have developed over the past few years, between the two major shareholders. The company needs some directors who will see to the monitoring and maintenance of corporate governance and good corporate practices, the absence of which resulted in some of the issue that is the subject of the dispute that is now the subject of a court battle. Following the announcement by Access, Lasco Financial Services advised of the resignation of Gary Peart from the Board of Directors of the company, with effect from September 2, 2014. This removes a conflict that existed, with Peart being a director of Mayberry as well as a director of Lasco Financial Services. […]

  6. […] Stocks in the junior market that traded to close at the same price as the prior trading day are, Access Financial with 3,254 units at $10.18, Blue Power with 2,466 shares at $9.06, Consolidated Bakeries 200,000 […]

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