Pawn shop franchise operator and payday lender Cash Converters yesterday reported strong growth in revenue and profit on the back of a high rate of loan growth and the positive results of a business restructure.The company reported a 35 per cent increase in revenue for the year to June, up from $94.8 to $127.8 million.It made a net profit of $21.6 million, up 34 per cent on the $16.2 million profit in 2008/09.The company's big earner is personal loans. The Australian personal loan book increased 81 per cent to $38.7 million. The total number of loans approved doubled to 60,586 and divisional operating profit rose 58 per cent to $15.4 million - just under half the company's earnings before interest and tax.Bad debt provisions rose from $4.8 million in 2008/09 to $10.8 million in the latest year. The company has embarked on a strategy of purchasing stores from franchisees and operating them as company outlets. It purchased nine stores in Australia and four in the United Kingdom during the financial year. It reported that revenue increased in purchased stores. Operating profit from store operations rose 27 per cent to $6.8 million.In November the group received a capital injection of $54 million after issuing 108 million shares to a US short-term lender, EZCORP.As well as using its funding to buy back franchise stores, Cash Converters has acquired Quickdraw, a cash advance administration platform, and developed its online presence.In May the company issued another 16 million shares to EZCORP to raise $9.7 million. EZCORP's stake in Cash Converters rose to 32.8 per cent.