Cliffside Capital (TSE:CEP) has released an update.
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Cliffside Capital Ltd. has reported a challenging fiscal year for 2023, with a significant drop in gross finance receivables by 37.5% to $120.9 million and a net loss before taxes of $1.3 million, an improvement over the previous year’s $2.0 million loss. The decline was influenced by a strategic pause in acquisitions and tougher macroeconomic conditions, such as increased consumer debt, higher interest rates, and lower used car prices. The company is currently exploring strategic alternatives through an Independent Committee to navigate the financial headwinds.
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