Office equipment financier ThinkSmart will push ahead with plans to replicate its Australian business model in select markets of western Europe.ThinkSmart yesterday reported a doubling in net profit to $4.1 million for the year to December 2009. The "cash profit" increased 54 per cent to $7.5 million. Revenue fell six per cent to $36.7 million, largely as a result of poor trading conditions in Britain and Spain.Like a lot of small companies on the edges of the financial services sector, ThinkSmart likes investors to look at the EBITDA result, which increased one third to $11.3 million.With a stock of ex-rental assets constantly under ownership and in need of reselling quickly or writing down, and with growth expenses to fund in Britain, Spain, France and Italy, the most favourable measures of cash profit might be misleading.As it is, plenty of metrics look all right for ThinkSmart.Profit in Australia increased to $8.1 million from $7.2 million before tax. Volumes in Australia were up six per cent and revenue up 14 per cent with margins unchanged.In Europe pre-tax profit fell to $4.0 million from $4.9 million with volumes down 39 per cent, though revenues fell only 11 per cent and margins widened.The return on assets ratio for ThinkSmart was 21 per cent in 2009 and the return on equity was 29 per cent, using the statutory net profit as the numerator.The full year dividend remains unchanged at 3.5 cents.There was no bonus for Ned Montarello, the company's executive chairman in 2009. Montarello, the firm's founder, received his base salary of $594,000 and super.In Britain management is counting on the roll out of in-store finance models for the sale of laptops and similar equipment at electrical retailer Currys and specialist retailer PC World to drive demand for lease finance.In Spain the partner retailers are Fnac and Phone House.ThinkSmart is searching for retail partners and funders in Italy and France as well. For now the firm says it is not looking to other territories, having had to take its losses a couple of years ago on a tentative foray into the United States.In 2006 ThinkSmart management once spoke of an ambition to have 90 per cent of revenue from offshore by now and the creation of a niche financier with extensive operations appears to remain the vision.The investor presentation published yesterday describes the strategy as one of "growth through cash flow", so the firm will be counting on margins in office finance holding up as the world economy recovers.