GROWING ASSET BASE GIVES RISE TO SILVER CHEF PROFIT

Written on the 24 August 2015

GROWING ASSET BASE GIVES RISE TO SILVER CHEF PROFIT

A BURGEONING gross rental asset base has loaded the scales in Silver Chef's (ASX: SIV) favour, leading to positive results across the board for FY15.

Total revenue for the Brisbane-based equipment funding company swelled 21 per cent, or $29.7 million, to $171 million.

Bottom-line profit also hit $15.5 million, marking a 22 per cent leap from the $12.7 million result delivered in FY14.

The company says 20 per cent growth in gross rental assets and lease receivables to $358.4 million is one of the major drivers behind Silver Chef's FY15 success.

Executive chairman Allan English also attributes the results to strong performance by GoGetta, a division of the company responsible for providing funding options to small businesses, as well as a solid performance within the hospitality sector and success within the company's overseas operations.

"The GoGetta team had a record-breaking year with particularly strong contributions from Queensland and NSW," says English.

"We are also now starting to see the benefits of investments undertaken in recent years to establish our New Zealand and Canadian operations and our asset reconditioning facility in Melbourne."

Silver Chef's new $300 million syndicated banking facility designed to streamline financial exchange and debt arrangements throughout Australia, New Zealand and Canada is expected to herald future financial growth for the company following its launch in August 2015.

In light of an increased basic earnings-per-share result at 51.9c, Silver Chef will be paying a fully-franked dividend at 20c per share on 17 September, taking the year's total dividends to 36c per share.


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