Geneva issues half-year guidance

Geneva Finance has announced it expects the company’s after-tax profits for the six months to the end of September to be down by between 17 and 19.5 per cent from the same period a year ago.

The group anticipates its pre-tax result for the six-month spell will also be 13 to 15.5 per cent lower. It notes the difference between the after-tax and pre-tax figures relates to temporary tax adjustments. 

Geneva has made the predictions but the results for the half-year are not yet finalised, it explains in a market update to the NZX on October 31.

“The continued increased in cost of funds over this period exacerbated the shortfall versus the prior period with cost of funds up $1.4 million, or plus 56 per cent, for the period,” the company says. 

“The September result also includes one-off relocation costs in moving to our new premises in July 2023.”

Last year, its half-year pre-tax profit came in at $3.4m and net profit was $2.6m.