Thorn Group shares are getting smashed

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Shares in the Thorn Group fell hard after the consumer leasing business posted a half year loss on a weak retail environment.

At the close, the shares were down 9.7% to $0.60.

The company reported a loss of $9.67 million for the half year to September, compared to a profit of $15.2 million last year, with revenue sliding 12.5% to $132.41 million over the six months.

The loss includes a $20.7 million write-off of goodwill related to Radio Rentals and Trade & Debtor Finance.