Latitude, who are closely linked with Harvey Normans financing operation have revealed that their profits have crashed 88%

The business that also works with JB Hi Fi and The Good Guys has reported that 2023 first half profits dived to $7 million, their shares have also taken a dive down 25% during the past 12 months.

It reflects a torrid time for the company, after the business revealed that the private details of customers using their retail financial services was exposed to hackers after their servers were breached back in March.

Chief executive Bob Belan said, “the first six months of 2023 have been among the most challenging in Latitude’s history”.

He reinforced the cash profit figure was in-line with guidance of $5 million to $10 million.

“Latitude’s half-year result reflects what has been a persistently difficult macro environment for financial services businesses and, of course, the operational disruptions caused by the March cyberattack on our company,” Belan said.

“We will continue to work diligently to continuously review and enhance the security of our systems and, importantly, accelerate the delivery of our refreshed strategy, focused on improving the experience for our customers and elevating the financial performance in our core Pay and Money divisions.”

The company has outlined $76 million of pre-tax costs and provisions due to the cyberbreach.