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Investment
2 mins to read
1

Harmoney shares slump as profits fall

The company says that while higher interest rates have slowed consumer demand, a new technology platform was set to drive growth and reduce costs

Harmoney celebrated its IPO in 2020, which valued the company at over A$350m. It was worth A$43m as shares dived today.

Lachlan Colquhoun Fri, 23 Aug 2024
Key points
  •  Reported profit: A$700,000 cash after tax. Down 85%
  • Loan book: Increased 2% to A$758m
  • Main takeaway: Growth stalled as consumers retreated from the market, but there are big hopes for the new platform to drive growth.

Shares in New Zealand founded and ASX listed non-bank lender Harmoney slumped by as much as 19% today after the company announced lower full year profits.

The shares were as low at A40 cents (43c) in mid-morning trade on the ASX before rebounding to A45c, valuing the company at A$45.8 million

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Lachlan Colquhoun Fri, 23 Aug 2024
Contact the Writer: lachlan@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  •  Reported profit: A$700,000 cash after tax. Down 85%
  • Loan book: Increased 2% to A$758m
  • Main takeaway: Growth stalled as consumers retreated from the market, but there are big hopes for the new platform to drive growth.
Company profile
Powered by: asx logo
Change:
Price
Previous Close
Turnover
Movement
Volume
Avg Daily Volume
Daily High
Daily Low
52 Week High
52 Week Low
Related News
Investment
1

Harmoney can more than double Aussie book: Forsyth Barr
Tech & Innovation

Harmoney exorcises demons with ‘bold’ cloud migration

Investment
3

Harmoney to delist from NZX
Investment

Harmoney exceeds guidance, as it moves away from p2p lending
Harmoney shares slump as profits fall
Investment,
105502
true
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