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Site Group (ASX:SIT) enters $15M funding arrangement with Lucerne Investment
  • PSC Insurance Group (PSI) has reported its finances are on track for the 2020 financial year, despite the COVID-19 pandemic
  • The company's underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) performance is in line with expectations
  • In April, the EBITDA was 35 per cent up from the prior year
  • PSC says it continues to remain committed to the annual guidance of over $57 million
  • PSC is up 7.23 per cent on the market this afternoon, trading for $2.52 per share

PSC Insurance Group (PSI) has reported its finances are on track for the 2020 financial year, despite the COVID-19 pandemic.

The company says its year to date (to the end of April) underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) performance is in line with expectations. At that point, the EBITDA was 35 per cent higher compared to the prior year.

PSC says it continues to remain committed to the annual guidance of over $57 million, for the current financial year.

"We have recently undertaken a review of the costs in the business and have tightened those where appropriate and to reflect the uncertainty of the economic environment," the company told the market.

The insurance group said benefits from these changes will largely flow into the 2021 financial year.

"We have positive expectations for revenue and EBITDA growth for FY 2021 and know that it will also benefit from the first full year of contribution from the acquisitions made in the 2020 financial year," it added.

PSC says its cash collections remain strong and its balance sheet is in a similarly strong position. The company sais its earliest deny maturity is now in 2024.

PSC is up 7.23 per cent on the market this afternoon, trading for $2.52 per share at 3:09 pm AEST.


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