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

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

ASX Prospa, ASX PGL share price, ASX PGL quarterly update
Image source: © Allisgood76 | Megapixl.com

Highlights 

  • Prospa’s quarterly loan originations increased by 85.3% during the last quarter.
  • The Company delivered a record EBITDA of AU$9 million on solid loan origination growth. 
  • PGL booked record quarterly originations of AU$186.6 million for the last quarter.

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.

Related read - EarlyBirds adds another feather to its cap, wins top B2B honour

Bottomline

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

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