FlexiGroup's program of diversification over the past three years paid dividends in the 2011/12 financial year, with new businesses contributing the lion's share of the finance company's strong earnings growth.Yesterday, FlexiGroup reported a net profit of A$59 million for the year to June - an increase of 14 per cent over the previous year.The company made a 24 per cent return on equity and increased its dividend by 19 per cent.The company's Flexirent core business, which provides point-of-sale small ticket leases for electronic and household goods, had a flat result. Reflecting conditions in the retail sector, Flexirent's receivables were up one per cent and cash earnings were unchanged at $36.5 million.Growth came from the Flexi Commercial and Certegy divisions.Certegy, an interest-free finance business, increased receivables by 31 per cent and cash earnings by 60 per cent. FlexiGroup acquired Certegy in 2008 for $32 million; the division's cash earnings of $21.9 million in the year to June made up a third of total group earnings. "Certegy has been a lights-out acquisition," said FlexiGroup chief executive John DeLano, who announced yesterday that he will stand down at then end of the year.The commercial leasing division, Flexi Commercial, reported a 146 per cent growth in receivables and an 88 per cent growth in cash profits - up from $2.6 million to $4.9 million.FlexiGroup made two acquisitions during the year. One of these, Lombard Finance, is another interest-free business, with a different business model to Certegy, and had $49 million of receivables in 2011/12. DeLano said Lombard had been "capital constrained" since the financial crisis. Now that the shackles are off, DeLano is forecasting growth in receivables to $99 million in the current year.FlexiGroup also acquired Paymate, a secure payments' provider that competes with PayPal. DeLano said the acquisition gives FlexiGroup a presence in the online shopping market.The company has forecast cash earnings of $68 million to $71 million for the 2012/13 year.