Pacific Retail Finance Issues New Prospectus

Pacific Retail Finance Issues New Prospectus Following Great Performance

Pacific Retail Finance Limited has issued a new prospectus, on the back of a great performance for the year to March 31, 2003.

The latest prospectus is the third from Pacific Retail Finance, a subsidiary of Pacific Retail Group's finance division, and offers first-ranking secured debenture stock and on term and call basis. Interest rates for the debenture offering differ according to the term, for example 8.35% per annum for 18 months.

In the year under review, substantial increases in both revenue and assets have fuelled Pacific Retail Finance's growth, with the March year result showing a $5.944 million operating surplus before tax, up from $0.732 million the previous full year. From its beginnings as a hire purchase provider to one of New Zealand's leading retailers, Pacific Retail Finance is now established as one of this country's leading financial services companies.

The company reported revenue for the March 31 year at $22.057 million, up from $3.173 million in the previous corresponding period. Assets increased four-fold following successful new ventures, including personal lending and third party hire purchase. The company also recorded strong growth in its debenture book for the year to March 31, with its debenture issue standing at $156.735 million, from $33.659 million in the previous corresponding period.

Maurice Kidd, chairman of Pacific Retail Finance says the full year results provide a strong platform for the new stock issue. "This is an extremely solid result, laying the foundations for further sustainable growth in the future," Kidd says.

Kidd says Pacific Retail Finance has really come into its own. "The exceptional debenture growth is particularly pleasing, demonstrating the significant recognition and credibility Pacific Retail Finance has gained in the market."

Pacific Retail Finance, as a wholly owned subsidiary of Pacific Retail Group's finance division - Pacific Retail Services Ltd - administers deposits and loans on behalf of the finance division. It offers a range of flexible lending products and investment services, including first ranking secured debenture stock.

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