Prospa Group (ASX: PGL) shares close over 13% higher on quarterly updates

The shares of Australia’s leading technology platform Prospa Group Limited (ASX:PGL) closed over 13%  higher on Monday as the Company announced its 2Q22 results. The Company delivered a record EBITDA of circa AU$9 million on solid growth in originations supported by increased scalability in technology platforms.

PGL booked record quarterly originations of AU$186.6 million for the last quarter. As per the Company announcement –

• Prospa’s quarterly loan originations increased 85.3% to AU$186.6 million from the previous corresponding period (pcp). At the same time, PGL’s 1HY22 originations also increased by 75%, which stood at AU$315.1 million.
• PGL’s total revenue for 1HY22 increased by 41% on pcp that stood at AU$78.5 million.
• The B2B lender also reported an increase of 116.4% in its closing gross loan book to AU$514.6 million in 2Q22 from AU$442.2 million in the previous quarter.
• Prospa’s EBITDA of around AU$9 million in 1HY22 was driven by growth in organisation and scalability of the underlying technology platform.

The Company’s total active customers also increased to 13,200, contributing to a net promoter score of over 80.

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Bottomline

Prospa’s 1HY22 is ahead of expectations on record EBITDA, and revenue earnings, and the Company is excited to expand its growth plans.