By Patrick Avenell
SYDNEY, NSW: RRA Australia is set to change its name to Thorn Group Limited, provided the shareholders approve this move at the annual general meeting. This change was discussed today by chairman Bernard Carrasco who, in his address to shareholders today, spoke of how well the company is performing.
After reiterating the group’s impressive results for the most recent reporting year, which included a net profit of $12.3 million, up 13 per cent, Carrasco said he was “delighted” with RR’s current progress.
“This [profit result] is testament to the power of the business model which continues to provide a solid platform for future growth,” he said.
Later in his speech, Carrasco said that due to a number of new initiatives, including Big Brown Box and Cashfirst, a name change was required in order to stimulate brand recognition and awareness in an increasingly-competitive market. Subject to approval, Thorn Group Limited will be the company’s new name from 1 September 2009.
Managing director John Hughes echoed Cassasco’s enthusiasm for RR’s current state, saying that RR’s business model had proved very resilient through the ongoing financial crisis.
“The underlying strength of the company comes through its recurring revenue streams which create strong positive cash flows and a significant level of financial certainty, hence providing a solid base from which to launch strategic initiatives.”
For the current RR year, which will end on 31 March 2010, Hughes said the company had commenced in a “very positive manner”, identifying PCs, flat panel televisions, refrigerators and washing machines as particularly strong performers.