FlexiGroup hunts for sales-driven CEO

FlexiGroup says it is in no hurry to find a new chief executive despite the recent departure of Tarek Robbiati.

Finance and leasing company FlexiGroup wants its next chief executive to have a stronger focus on promotion and marketing.

The group leases equipment and finances big retailers' interest-free repayment products.

It has been searching for a new CEO since former Telstra executive Tarek Robbiati announced in June he would step down after only two and a half years in the role.

FlexiGroup founder and recently appointed chairman Andrew Abercrombie says the group is in no hurry to find a replacement.

"Tarek did a tremendous job rebuilding our IT platforms but our future has been somewhat redefined in terms of ongoing growth and capitalising on huge opportunities right now," he said.

Mr Abercrombie said the board wants Mr Robbiati's successor to deliver a "tremendous focus and drive in terms of selling, marketing and promoting the business".

FlexiGroup on Monday posted a net profit of $82.7 million for the year to June 30, up 44 per cent on the prior year.

It last week revealed an annual cash profit of $90.1 million, at the lower end of its original guidance, which at the time caused an 18 per cent fall in FlexiGroup's share price.

The company has also reaffirmed its guidance of a cash profit in the range of $92 million and $94 million in the 2015/16 year.

Chief financial officer David Stevens, who was appointed acting chief executive when Mr Robbiati departed on August 7, said all segments of the business contributed to higher earnings in 2014/15 despite challenges in its business leasing division.

Major changes to the management team for that part of the business were partly behind the challenges, he said.

"It will take a bit of time for the business to rebuild the pipeline and the momentum," Mr Stevens said.

FlexiGroup shares rose 11 cents, or 4.35 per cent, to $2.64.

FLEXIGROUP LIFTS PROFIT

* Net profit up 44pct to $82.7m

* Cash profit up 6pct to $90.1m

* Revenue up 7pct to $340.8m

* Fully franked final dividend up 0.5 cents to 9 cents


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Source: AAP


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