Harmoney (ASX:HMY) shares close in green on strong 1H FY22 performance

Image Source: © Alphaspirit | Megapixl.com

Highlights

  • HMY’s total loan book accelerated by 19% to AU$557 million.
  • The group expects to generate revenue of AU$92 million for FY22. 
  • Australian new customer originations increased AU$71.4 million, up 452% on pcp.

ASX-listed Harmoney Corp Limited (ASX:HMY), an online direct personal lender that operates across New Zealand and Australia, has shared an update on its half-yearly performance that ended on 31 December 2021.

Following the announcement, shares of HMY closed in green at AU$1.65 each, 0.91% higher from its previous close.

Performance updates

  • Group’s proforma loan book increased by 19% on pcp to AU$557 million.
  • Harmoney has delivered record growth in the new loan originations while achieving solid cash NPAT for the half-year ended 31 December 2021.
  • The Group has demonstrated its 100% consumer-direct business model, achieving profitability on proforma Cash NPAT.
  • As per the report, the Australian new customer originations increased by 452% on pcp to A$71.4 million, reflecting a 53% increase on the prior half.
  • At the same time, the New Zealand receivables book remained flat due to the temporarily COVID-19 lockdowns during the period.
  • Meanwhile, the Australian receivables book stood at AU$185 million, up 83% on pcp.

Related read - Home loan commitments bounced back in November 2021, says ABS

Future Outlook

  • Group pro-forma loan book of at least $600 million in FY22, over 20% growth on FY21.
  • Group pro-forma revenue of at least $92 million, expects more than 16% growth on FY21.
  • Net lending margin of at least 7% is expected.
  • Transition to warehouse funding is expected to be 90% by 30 June 22, which is already completed 81% in December 2021.

Bottomline 

With solid financial achievement during the first half of FY22, the group plans to remain focused on its growth strategy.


 


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