Cash Convertors International said it is “well placed” to improve on its previously announced full-year net profit in the range of $27 million to $27.5 million.

It has reported a net profit of $14.3 million, which is an increase of 42.2 per cent on last year’s results. There was also strong revenue growth against the same period last year of 48.3 per cent to $87.9 million.

According to Cash Convertors, the 2010 half-year results have been the most successful in the company’s history.

The company said major drivers for revenue growth over the period included an increase in personal loan income of $9.2 million, an increase in corporation store revenue of $18.5 million and an increase in financial services administration fees of $1.8 million.

Looking forward, it said negotiations are underway to acquire further financing stores in the second half. Contracts have recently been executed to acquire a store at Malaga, Western Australia and Moonee Ponds, Victoria, with the anticipated takeover date being 1 March 2011.

The company also expects to see continued growth in the second half in the personal loan books in Australia and the UK.