GMY Shares The Trading Update For October’ 2018

  • Dec 10, 2018 AEDT
  • Team Kalkine
GMY Shares The Trading Update For October’ 2018

On 10 December 2018, Goldfields Money Limited (ASX: GMY) shared a trading update for the month October 2018. The company feels immense pleasure to present a strong performance for both Goldfields Money and Finsure to its investors. The company reported an increase in all the key operating matrices. There was an increase in the aggregation settlement, managed loans settlement and the recruitment of the loan writers.

There was a strong performance reported in the Managed Loan Settlements, which increased by 97% as compared to the corresponding prior period. There was also an increase in the aggregation loan settlement by 9% as compared to the corresponding prior period. The total loan writers by the end of the period also increased by 21%. These three parameters are the driving factors for transactional and recurring revenue of the company. 

Simon Lyons who is the managing director of the company believes that the strong performance of the company seen in October 2018, is the result of merging of Goldfields Money and Finsure enabling the company to generate revenue through the more diversified streams.

In October 2018, there was an increase in the managed loans which has reached $2.533 billion. Since last month, Goldfields Money’s banking business is contributing around $6.3 million towards its managed loans.

Further, the company has increased its deposits from $195 million to $211 million by 30 June 2018. The company is working to diversify its funding sources successfully. After 30 June 2018, the funding growth is up by 3% and is currently 21%.

In the upcoming month, Mr. Lyons believes that there will be more revenue synergies for which the company is building digital strategies and also growing technology development team.

The performance of the company remains consistently negative. Since inception, the performance of the company is -20%. For the past five years, the performance of the company is -23.81%. Since last one year, the performance of the company is -40.74%.

For the financial year, the company made a net loss of $406,699. The company holds a net asset of $24,565,900 which signifies that the company can meet its long-term obligations. The total shareholder’s equity is worth $24,565,900. There was a decrease in the cash and cash equivalent by the end of FY2018. The net cash available with the company was $14,529,171.

By the end of trading on 10 December 2018, the market price of the share was A$0.800 with the stock holding a market capitalization of A$65.93 million. The share almost traded flat on ASX, i.e., the opening price and the day’s highest price remained constant at A$0.800 whereas day’s lowest price was A$0.760.


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