COG Announced Development Strategy And Changes In Leadership Responsibilities


Consolidated Operations Group Limited (ASX: COG) is mainly operating in the equipment finance sector. Recently the company announced changes in the leadership responsibilities to support its growth strategy. Following this news, the share price of the company jumped up by 5 percent as on 1 February 2019 (AEST 1:33 PM).

In the announcement the company informed about the acceleration of its in-house product development strategy and funding sources to leverage the significant distribution platform it has established.

In December 2015, the company started its strategic plan to become a key trusted advisor to the small- medium enterprise (SME) sector by acquiring interests in asset finance brokers and aggregation platforms. 

Since then, the company has established a nationwide distribution capability with critical mass. In FY 2018, the company settled $3.4 bn of net asset finance through its finance broking aggregation platforms.

At the 2018 Annual General Meeting, the company advised that its annualized net asset finance settlements were running at around $4.3 bn which reflects the contribution of acquisitions made in the first half of FY 2019. The company estimates that it now accounts for around 14 percent of annual net asset finance settled by finance brokers in Australia, representing the largest finance broker aggregation platform in Australia. The company is going to assess further potential investments in SME focused asset finance brokers to further enhance its distribution capabilities.

With its strong distribution network, the company is now planning to leverage its distribution network through expansion of its in-house financial product portfolio and funding sources. The company is accelerating the establishment of a prime auto & equipment loan product for SMEs as well as an auto loan product for consumers.
To support the strategic focus, the company has made changes in the leadership responsibilities which involves the appointment of Patrick Tuttle as the Non-Executive Chairman. Mr. Bruce Hatchman is going to continue as an independent Non-Executive Director. Mr. Cameron McCullagh is moved from Managing Director and CEO to a new role of Executive Director who will be responsible for Finance Broking and Aggregation Businesses. The company has appointed Mr. Andrew Bennett as the Group CEO and he joined the company in June 2018. He is responsible for funding and management across the business. He has 20 years of experience of working in the non-bank finance sector.
In FY 2018, the company earned Revenue from ordinary activities of $161,047,000 which was 97 Percent higher than FY 2017. The company is expecting its first half FY 2019 results to be announced on 26 February 2019.

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Meanwhile, in the past six months, the share price of the company has decreased by 4.76 percent as on 31 January 2019. COG’s shares traded at A$0.105 with a market capitalization of circa $133.85 million as on 1 February 2019 (AEST 1:33 PM).


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