PGL Shares Up — Management Affirms a Record Half-Year Result (ASX:PGL)
Fintech lender Prospa Group Ltd [ASX:PGL] is making moves today.
The PGL share price is up 13.75% at time of writing, surging on the back of the release of its latest quarterly results. A result that has affirmed record-breaking earnings for the half-year period.
Let’s take a closer look at the numbers…
Key metrics continue to improve
Propsa shareholders will be pleased to see that the second quarter of FY22 has delivered across the board.
Originations (or loan value) clocked in at a record $186.6 million for the quarter. Up 85.3% year-on-year.
That helped bring the total for the half-year figures to $315.1 million, which itself is up 75% year-on-year.
More importantly though, Prospa’s earnings (EBITDA) were also breaking records. Over the course of the first half of FY22, they’ve managed to earn $9million — a huge milestone for the company and its growth ambitions.
And with customer numbers still growing too — up 16.8% year-on-year — the path forward for this fintech seems clear. All they need to do is maintain the great momentum they’re building.
As co-founder and CEO, Greg Moshal comments:
‘We are proud of the Company’s outstanding achievements over the period. Prospa surpassed quarterly records for originations within six months, increased our active customers to 13,200 and achieved a closing loan book that exceeds $514 million.
‘The Company’s momentum highlights our ability to go from strength to strength. With our existing products, combined with the imminent launch of Prospa’s Business Transaction Account in Australia and expanding our New Zealand product base to include Line of Credit, Prospa will play an even bigger role in supporting small businesses with day-to-day payments, transactions, insights and growth.’
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What’s next for the Prospa Share Price?
Like I said, the focus for Prospa now is to simply keep doing what they’re doing.
They’ve got some fantastic momentum behind them, and a great runway to seize further growth in the quarters to come — the kind of scenario that could lead to a fantastic full-year result for management and shareholders.
The prospect of expanding their product line or perhaps even entering new markets is also very enticing. Because eventually, if they can continue to grow, Prospa could bring their business to other international locations.
As for where or when that may occur, only time will tell.
For now, investors can be pleased that this aspiring fintech is heading in the right direction.
And if you’re looking for ways to profit off of Australia’s bustling fintech sector, Prospa isn’t your only option. There’s a whole host of exciting and promising small-caps in this sector. All you need to do is pick and choose which take your fancy.
If you’re looking for the best place to start, check out our ‘Fintech Stocks to Watch in 2022’ report. A detailed look at which companies may be primed for big things this year.
To get a free copy of this report for yourself, click here.
After all, you won’t want to miss out on the explosive potential of stocks like these.
For Money Morning
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