Thorn Group’s success leads to massive CEO payrise


By Patrick Avenell

SYDNEY, NSW: Thorn Group, the publicly listed company that owns Radio Rentals, Rentlo and Big Brown Box, has written to shareholders expressing its “delight” at the successful operations of the company during its fourth full year of operations.

Chairman and non-executive director Bernard L Carrasco said the improved profit results for the year ending 31 March 2010 were achieved despite “growing pains in the retail business sector”.

Thorn Group reported net profit of $16.4 million, up 33 per cent from the previous year, for the 12 months ending 31 March 2010. Aggressive growth is expected from Thorn, as the company has zero net debt.

Key statistics from Thorn Group’s annual report include a 10.5 per cent increase in total customers, 15 per cent growth in online and telephone enquiries, a loan book of $5.5 million and the opening of 2 new stores in Adelaide.

During this successful period, Thorn Group’s directors were rewarded with pay increases. Most significant amongst these was CEO John Hughes’ total remuneration package, which increased by almost 30 per cent to just under $1.1 million.

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