Flexirent, a consumer and small business leasing business, was the backbone of FlexiGroup's earnings for many years but is now struggling to achieve growth.FlexiGroup's chief executive, Tarek Robbiati, told analysts at yesterday's interim results presentation that the company was looking at how it could turn Flexirent around.Robbiati said: "It is an important business, but FlexiGroup is a high-growth company and Flexirent's performance is diluting our returns."Flexirent contributed a cash profit of A$14.4 million to group earnings for the six months to December - down from $15.6 million in the previous corresponding period. Receivables were unchanged, period on period, at $361 million.In the 2009/10 financial year, Flexirent accounted for 65 per cent per cent of FlexiGroup's receivables. In the latest half-year, it accounted for 29 per cent of group receivables.Flexirent's fortunes have been tied to the performance of the Australian retail market, which has been weak for the past few years.FlexiGroup took the first step in Flexirent's turnaround in December, when it bought the Australian and New Zealand businesses of store finance company ThinkSmart - RentSmart and Fido.Robbiati said RentSmart had a good technology platform that included a mobile interface. He is confident that RentSmart's technology will help improve Flexirent's performance, and he has made the integration of the two businesses a high priority.Upgraded technology will move Flexirent from being a "product-centric, call centre-based finance provider" to being an "integrated, omni-channel provider of finance solutions with multiple originating and servicing options", he said.FlexiGroup reported a net profit of $34.5 million for the six months to December, which was an increase of 14 per cent over the previous corresponding period. On a cash basis, profit was up 20 per cent, to $39 million.The company's Certegy division increased its cash profit by 23 per cent, to $15.1 million. Certegy sells a purchase payment plan called Ezi-pay. Consumers pay an application fee and a monthly processing fee but no interest at any stage. The retailer pays Certegy for the cost of the finance.The cards business, which offers interest-free introductory periods on purchases, increased its cash profit from $1 million to $5.1 million. The business was bolstered last year when FlexiGroup bought Once Credit.The big-ticket leasing division, Flexi Commercial, increased cash profit by 20 per cent, to $4.4 million.FlexiGroup's chief financial officer, David Stevens, said one of the company's main achievements over the past year has been to diversify its funding arrangements and reduce its cost of funds.It completed two issues in the asset-backed securities market, raising more than $400 million.And, in January, it secured a $100 million corporate debt facility, of which $50 million is undrawn. It has revolving facilities with five Australian banks.