Weak retail conditions caught up with point-of-sale finance company ThinkSmart last year. The company suffered a five per cent fall in Australian assets under management as a result of a 17 per cent reduction in originations.Price deflation in the consumer and small business electronics market, where the company concentrates, was another factor. The average value of a transaction fell 19 per cent.The company also took a hit when it incurred costs from the closure of its businesses in Spain and Italy.Net profit for the year to December was A$6.79 million - almost unchanged from the $6.77 million reported in 2010.ThinkSmart chief executive Ned Montarello said in a statement that, after adjusting for the one-off cost of the business closures, normalised net profit rose 13 per cent.Its revenue, of $45.5 million, was eight per cent higher than revenue in 2010.The United Kingdom operation was the company's bright spot. Its profit contribution rose 61 per cent, from $4.4 million in 2010 to $7 million last year.Montarello said another highlight for the business was the growth in online distribution. One-third of all Australian originations were transacted online last year.The company put an extra $100 million of funding facilities in place during the year. Out of a total funding capacity of around $250 million, close to $150 million is undrawn.ThinkSmart launched an entitlement offer yesterday, seeking $9 million in equity. The company intends to use the proceeds to launch a new consumer payment plan product, called Fido, which has been successful in the UK. The new funding will also support a new business leasing product.