Store finance specialist FlexiGroup increased cash earnings by 27 per cent during the last financial year, thanks to strong contributions from new businesses.Statutory net profit fell 12 per cent, from $58.9 million, in 2009/10, to $51.8 million in the year to June. But, after adjusting for the impact of a large, one-off tax refund in the 2009/10 year, cash earnings rose from $41.6 million to $52.9 million.More than a third of earnings came from businesses the company has either started or acquired within the past three years: Certegy, an interest-free store finance business; and BLiNK, a point-of-sale mobile broadband sales business.The group's core business, Flexirent, produced a six per cent increase in assets financed, and earnings of $33 million - unchanged from the previous year.Flexirent Commercial produced a 220 per cent increase in the value of assets financed and doubled earnings to $2.6 million.Certegy financed $375 million of assets - a 30 per cent increase over the previous year. The division's earnings were up 80 per cent, to $14 million.BLiNK increased customer numbers by 37 per cent, to 74,000, and earned $3.4 million (after losing $700,000) in 2009/10.FlexiGroup has a distribution network that includes retailers Harvey Norman, Apple Resellers, Midas, Modern Group, The Good Guys, Bing Lee and Noel Leeming. Macquarie Research issued a note on FlexiGroup last month, saying it was an attractive proposition for struggling retailers. "When retailers such as Harvey Norman and Bing Lee are experiencing gross margin pressure, FlexiGroup's products are likely to be viewed more favourably," it said.Net impairment losses were down from $24.4 million in 2009/10, representing 4.4 per cent of receivables, to $23.2 million last financial year (3.8 per cent of receivables).Arrears (90 days or more past due) improved from 0.8 per cent of receivables to 0.7 per cent.Loans and receivables increased from $592 million to $707 million.In June, the company raised $133 million of funding when it completed its first issue of asset-backed securities. The notes, Flexi ABS Trust 2011-1, are backed by consumer goods' receivables financed on no-interest payment plans.The group also secured a new $188 million loan facility.