Credit Intelligence reports positive operating cashflow

ASX-listed fintech Credit Intelligence have released their preliminary final results for FY22 demonstrating consistent performance with reported revenue increased to $15.7 million and normalised profit of $2.2 million (excluding the non-recurring impairment loss of $3.1 million recognised during FY22).

The contributions from the Australian business to the group results were positive and in particular with ChapterTwo’s (operating subsidiary in Australia) revenue for the full year rising 320% to approximately $2 million compared to FY21. The increment has benefited from new mobile App.

The group’s core business (provision of bankruptcy administration services, Individual Voluntary Arrangement proposal consultancy and implementation services) has reported an increase in revenue by 9% to $7.2 million compared to FY21.

The contributions from the Singaporean business to the group results were positive in challenging economic climate. The revenue to the group increased by 12% to $6.2 million.

Lending and debt management are the current profitable businesses of Credit Intelligence, who have stated that they will look for more funding to expand such businesses in both the existing and appropriate new markets.

During the year, OneStep and HKBNPL launched an app that offers BNPL services to SMEs and individuals. Individual BNPL platform is now operating both online and in-store.

Executive Chairman Jimmie Wong commented, “CI1 intends to develop and expand our BNPL business in a prudent manner in HK and other countries. Target to be a sustainable unique and profit model.”