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- Thorn Group revenue during the first half of the financial year 2023 fell by 31.2% to AU$7 million.
- Statutory profit after tax dropped by 95.8% to AU$0.6 million.
- Thorn Group’s shares were trading 3.85% lower at 11:06 AM AEDT.
Financial services provider, Thorn Group Limited (ASX:TGA) on Wednesday (30 November 2022) posted a 95.8% fall in the statutory profit after tax during the first half of the financial year 2023 (1HFY23). During the half, revenue from ordinary activities declined by 31.2% over the previous year.
Thorn ABS Warehouse Trust No.1, a rated warehouse facility of Thorn, was restructured and recommenced utilization. The restructuring took place with a funding limit of AU$200 million. According to ASX announcement, the facility is available with the company until August 2023 unless further negotiation for extension happens with the funder.
Thorn had announced an on-market share buy-back program of approximately 5% of the company’s ordinary shares. It began in March 2022 and is expected to continue till February 2023. Until 30 September 2022, Thorn has bought back circa 1.5 million ordinary shares for AU$383,583.
The directors determined to pay a final dividend of AU$0.01 per share during the financial year 2022, totalling AU$3.4 million. With the participation of many shareholders in the dividend reinvestment plan, AU$2.0 million were reinvested in the shares. On 25 July 2022, AU$1.4 million of net cash dividend was distributed.
In September, the company paid a special dividend of AU$0.03 apiece, totalling AU$10.4 million.
At 11:06 AM AEDT, Thorn Group shares were spotted trading 3.85% lower at AU$1.25 per share with a market capitalization of AU$45.19 million. With this, in the past 12 months, the share price has dropped by 50.98%, and on a year-to-date basis, it has declined by 55.36%. The share price has declined by 3.47% in the past five trading sessions.
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