Mogo Finance reports unaudited results for the three months ended 31 March 2019
Increase in profitability with continued strong performance
OPERATIONAL AND STRATEGIC HIGHLIGHTS
- Group loans issued increased by 17.0% equalling EUR 37.8 million (3M 2018: EUR 32.2 million), of which EUR 24.3 million in mature markets (3M 2018: EUR 24.1 million)
- Consolidated number of active customers up significantly by approx. 30.8% to over 85,000 (31 December 2018: approx. 65,000)
- To further strengthen the grip on cost of risk several initiatives were launched, namely GPS project and security officer functions rolled out both as a Group and country priorities
- Near-prime car loan product has been successfully tested in Latvia and will be implemented in other mature and mid-tier markets where it has the biggest potential to succeed
FINANCIAL HIGHLIGHTS AND PROGRESS
- Interest and similar income up significantly by 34.7% to EUR 16.7 million (3M 2018: EUR 12.4 million)
- Rapid growth in net interest income of 37.5% to EUR 12.1 million (3M 2018: EUR 8.8 million)
- Quarterly increase in EBITDA by 43.2% to EUR 6.3 million (3M 2018: EUR 4.4 million)
- Net profit for the period adjusted for FX effects improved notably by 57.1% to EUR 1.1 million (3M 2018: EUR 0.7 million)
Modestas Sudnius, CEO of Mogo Finance, commented:
“First free months of 2019 have shown steady growth in loan issuances and significant increase in core financial indicators. Increased profitability is a result of continued Mogo Group’s development and investments initiated in the previous reporting periods. Together with solid capitalization ratio and healthy financing structure, Mogo Group has strong grounds for further financial performance improvement in the mid and long term.
Effective, market-leading processes have always been a backbone of Mogo Group’s operations and recent developments in process optimizations will allow us to strengthen our core competences even more. This together with our established regional teams will ensure sustainable growth in mature countries and will help to boost the operational excellence and quality portfolio growth in both start-up and mid-tier countries while better controlling the cost of risk.”
The full unaudited report for the three months ended 31 March 2019 is available here.
A conference call in English with the Group’s management team to discuss these results is scheduled for 17 May 2019, at 15:00 CEST.
Please register here: http://emea.directeventreg.com/registration/4397238
The presentation for the conference call will be available here as of 17 May 2019, at 9:00 CET.
|Mogo Finance (CFO)|
+371 66 900 900
|Mogo Finance (Investor Relations Manager) |
+371 27 073 993
|Aalto Capital, Sven Pauly|| email@example.com|
+49 89 89867770
About Mogo Finance:
Mogo Finance is one of the largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 15 countries issuing over EUR 358 million up to date and running a net loan portfolio over EUR 140 million. Mogo offers secured loans up to EUR 15,000 with maximum tenor of 84 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 1,500 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia Mogo Finance operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Macedonia, Moldova, Albania, Belarus, Armenia, Ukraine, Kazhakstan and Uzbekistan.
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