This service is seeing a rise in demand during difficult economic times

The global economic recession, set off by COVID-19, is leading to a rise in demand for debt restructuring and insolvency services.
The global economic recession, set off by COVID-19, is leading to a rise in demand for debt restructuring and insolvency services.  In its FY20 financial results debt restructuring and insolvency company Credit Intelligence (ASX:CI1) already showed exceptional revenue growth of 125% and an even stronger 384% rise in NPAT.  Impressive as these numbers are, the difficult COVID-19 related conditions are not yet reflected in CI1’s business activity, partly because many of the support measures designed to keep businesses and individuals active during the pandemic remain in place. However, yesterday the Australian Banking Association warned that of the more than 900,000 loans that have been deferred across the pandemic, at least 450,000 loan deferral customers will be assessed in coming weeks. Please join CEO Jimmie Wong for a special investor briefing to hear why the demand for CI1’s services are set to grow even faster in the coming years. He will cover the company’s acquisition of ChapterTwo, its growth plans, CI1’s technology advantage and its ability to scale efficiently through difficult economic times. Book your spot.

About Credit Intelligence

Expansion in Australia Credit Intelligence was established in Hong Kong 18 years ago and holds a dominant position in the market, having worked with HSBC, Standard Chartered Bank, Bank of China and Citibank.  Last year, it expanded to Singapore through the acquisition of two profitable companies, ICS Funding and Hup Hoe Credit.  The company listed in Australia in May 2018 and has been actively seeking acquisitions or joint ventures to expand into the market.   Acquisitions adding to financial performance With existing bases in Hong Kong and Singapore, CI1 entered the Australian credit market with the completed 60% acquisition of Sydney-based debt restructuring firm ChapterTwo. Given the transaction was completed on 1 July, no results from ChapterTwo are included in these full year results which ended 30 June 2020. However, the results did reflect the 61% acquisition of Singaporean credit financier Hup Hoe Credit which occurred in late 2019 (within the FY20 financial year), as well as full year results from ICS which was acquired on 28 June 2019.   Experienced board Credit Intelligence’s board comprises several highly experienced financial professionals including Mr Wong, who has more than 20 years of experience as a leading Hong Kong-based insolvency lawyer. Other board members include head of operations and executive director King Wong, a trustee in bankruptcy and practising solicitor, and non-executive chairman Anthony Peng Ho, an experienced ASX company director and chartered accountant. Last month, the company announced the appointment of Sydney-based banking expert Mark Paton as a non-executive director. Join Credit Intelligence Executive Chairman Jimmie Wong at a live investor briefing on Thursday 10th September at 11am AEST. Book your spot here. This session is live and interactive and includes a live Q&A. Spots are limited, so please book into this session as soon as possible.   Reach Markets have been engaged by CI1 to assist with private investor management. Any advice contained in the presentation is general only and does not consider your objectives, financial situation or needs, and you should consider whether it’s appropriate for you.  

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