FSA Group (FSA)
Shares in debt solutions provider FSA Group rebounded from a 13-month low on Friday despite management downgrading forecasted earnings. FSA’s board said the company would report profit before tax of between $12 million and $14 million, below its half-year guidance of between $14.5 million and $19 million. The board said the historically low interest-rate environment and the government stimulus package had affected demand for FSA’s services in 2010 and the recent run of interest rate rises had increased its cost of capital. But executive director Tim Odillo Maher said higher levels of consumer debt and a higher interest rate environment provided cause for optimism in 2011. FSA’s share price jumped 3¢ to 31¢ on Friday, its first gain in six sessions. At 31¢, shareholders were about 25 per cent behind for the calendar year.
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