Cash Converters International has reported record profits for the 2010 financial year.

According to the company, it is the fourth consecutive year that Cash Converters has exceeded its forecasted numbers. Its net profit rose by 34.2 per cent to $21.6 million for the year ended 30 June.

In a statement, Cash Converters said better earnings are expected for 2010/11.

“Cash Converters is very well positioned to fast-track the execution of its stated strategy of opening new company stores in the UK and Australia, as well as further acquisitions of franchised stores in the 2011 financial year,” the company said.

“The company sees the acquisition of franchised stores and increasing the funding capacity of the cash advance and personal loan products as a real opportunity to transform the group into a significant store operating entity.”

Cash Converters said it plans to open 12 new stores in the UK in the 2011 financial year. It has forecasted for net profits to increase by 27 per cent from the last financial year results to $27 million.