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Silver Chef's earnings jump 41 per cent

26 February 2013 5:49PM
Small business equipment finance company Silver Chef reported very strong results for the 2011/12 financial year, and it kept the momentum going in the December half. Yesterday, the company reported a 37 per cent increase in revenue, a 21 per cent growth in rental assets, and a 41 per cent growth in net profit.Silver Chef's core business is supplying rental assets to cafes, restaurants and other businesses in the hospitality industry. It also operates a general commercial equipment funding business, GoGetta. Both parts of the business performed well.Net profit was A$5.9 million - up from $4.2 million in the previous corresponding period.The impairment loss on rental assets fell from $1.2 million, in June last year, to $849,000 in December.Silver Chef's chief executive, Charles Gregory, said in a statement: "The company continues to focus on risk management. The two major areas are credit risk management and risks associated with residual asset values."Silver Chef has been operating in New Zealand since October 2011. During the December half, the New Zealand operation contributed revenue of $500,000 and expanded its rental base from $200,000 to $2.8 million.

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