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Heartland profit weakens amid year of ‘one-off bumps’

Chief executive Jeff Greenslade expects OCR to stay on hold, with more ‘clarity’ about rate cuts later this year.

Heartland Group chief executive Jeff Greenslade.

Key points
  • Revenue: Up 1% to $143.1 million.
  • Profit: Down 23% to $37.6 million.  
  • Key takeaway: The company is navigating ‘one-off bumps’ this year, as it still waits for regulatory approval of Challenger Bank acquisition in Australia. Analysts say ‘disappointing’ result was expected after revised guidance in December.

Heartland Group is navigating “one-off bumps” this year after reporting a decline in profit and flat revenue.

The listed company, which specialises in reverse mortgages, reported a 23% decline in net profit to $37.6 million in the six months ended December.

Revenue was up 1% to $143.1m, while its

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Key points
  • Revenue: Up 1% to $143.1 million.
  • Profit: Down 23% to $37.6 million.  
  • Key takeaway: The company is navigating ‘one-off bumps’ this year, as it still waits for regulatory approval of Challenger Bank acquisition in Australia. Analysts say ‘disappointing’ result was expected after revised guidance in December.
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Heartland profit weakens amid year of ‘one-off bumps’
Investment,
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