Updates23 March 2022

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.

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.”

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Written byJulia Lefort
Julia is Head of Communications & Corporate Affairs and has a wealth of experience in providing strategic advice at senior executive levels.