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PARAGON GROUP PROFITS 13.4% HIGHER THAN PREVIOUS YEAR The Paragon Group of Companies’ pre-tax profits increased by 13.4% in the six months to March 2012 to reach £44.8m. Paragon Mortgages’ parent advanced £87.2m of new buy-to-let loans in the period and £2m of further advances were made to existing borrowers, compared with £29.6m of new loans and £2.7m of further advances in the same period last year. It also completed its first securitisation since 2007, for £163.8m - the first deal consisting solely of buy-to-let loans by any lender in the UK since the credit crisis. John Heron, managing director of Paragon Mortgages, says: “The first half of the year was successful in terms of the level of applications received for buy-to-let loans, from both new and existing customers, following the introduction of 50 new products launched in January. “Our strategy for the rest of the year is to generate further buy-to-let business and keep our low level of arrears across all of our loan portfolios.” Source: http://www.mortgagestrategy.co.uk/latest-news/paragon-group-profits-134-higher-than-previous-year/1052103.article P.S. Here's a couple of links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?threadid=252803 http://www.euroinvestor.com/community/discussionthread.aspx?threadid=253089
Strong operational cash generation was seen in the half year period, with £104.9m free cash after investments, although this fell significantly short of the £179.7m generated in the same half the previous year.
The interim dividend was increased by 11.1% to 1.5p per share (2011 H1: 1.35p). The company has advanced £87.2m of new buy-to-let loans, with a pipeline at March 31st of £103.1m.
The interim results cap a remarkable recovery for a company which more or less had to go into hibernation during the credit crunch, when the wholesale funding markets dried up. Terrington believes that the group's "strong combination of attributes" leaves it well placed to continue to develop its lending activities. Paragon is also eyeing further earnings-enhancing portfolio investments
Nigel Terrington, Chief Executive of Paragon, said: "We have delivered a further period of top-line revenue growth, driven by the success of our loan portfolio acquisition business, Idem Capital, together with continued low bad debts and costs. The group is well capitalised, has a term-funded balance sheet, has strong operational cash flow and is highly regarded for its track record as an originator and servicer of mortgages and consumer loans."
Interest receivable increased from £127.8m to £144.6m, while earnings per share jumped 17.5% from 9.7p to 11.4p. During the six months, the group achieved strong growth in profits, invested significantly in portfolio acquisitions, increased buy-to-let lending and completed its first securitisation since 2007. This was also the first period since the first half of 2008 during which total loan assets have increased, with new additions exceeding back book redemptions.
Buy-to-let mortgage specialist Paragon Group has experienced its first period of loan book growth since the height of the credit crunch in 2008. For the six months ended March 31st, profit before tax rose 13.4% year-on-year from £39.5m to £44.8m, driven primarily by profits from acquired loan portfolios. Operating income was £82.3m, up 10.5% compared to the same period the previous year, at £74.5m. Operating expenses rose by the same percentage, from £22.8m to £25.2m.
Merrill Lynch initiates underperform on Paragon Group of Companies, target price 170p.
somebody just sold 3 shares !
Why on earth does anybody buy six shares?
are some £2.60 per share
Paragon look to further improved results at end of September
LONDON (Dow Jones)--Buy-to-let lender Paragon Group of Cos. PLC (PAG.LN) Tuesday posted an 84% rise in first-half pretax profit and said buy-to-let arrears are falling materially and remain "significantly below" industry averages. For the six months to March 31 Paragon posted pretax profit of GBP29.3 million compared with GBP15.9 million in the same period a year earlier. Net interest income increased 2.1% to GBP69.4 million. The reduced size of the book, which was down 4.2% on year, was offset by improved margins. The company said it was in talks with potential funding counterparties to support new lending, but would only enter new arrangements if it was happy with the structure and terms. Paragon will pay an interim dividend of 1.2 pence a share, up from 1.1 pence a year earlier. Company website: www.paragon-group.co.uk -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires May 18, 2010 02:15 ET (06:15 GMT)
Just out of a bull flag Looking for 237(35-45%) Strong dmi Time objective 4 weeks
I could be talking to myself on here but on the bright side no-one will disagree :-) .... still looking good and keep posting new highs..
recent and historical highs. may 6 and oct 3. Chart says a clear run to 85p - looks lika a safe 15% if it holds today. keep your eyes peeled
have tried to buy this amongst others today but won't let me trade at all. anyone else having same problem?
http://www.ft.com/cms/s/0/c713c1bc-723c-11dd-a44a-0000779fd18c.html?nclick_check=1
Cany anyone briefly explain why this one has gone from 50p upto £1.00-£1.10 in the last month or so? I've heard some mutterings that there may be talk of a buy out by an American finance company? Is there any strength in that rumour?
at 50p but still not in, any one offer an opinion. Course if you don't I will offer one.
I assume it's because tomorrow is the last day that you can exercise your rights and take up the share option. SP should go back up after 20th when the new shares can be traded
WHY??
andhi i had the same dilemma, you need to work out how much you would get if you sold rights issue and decide if you were happy with that. or sit on your hands and wait
i have 2250 as rights issue. should i take it or sell the rights issue. I bought at 1.36 and the sp ha sto reach £1.90 for a breakeven. Any advice please
ATEX's info is so wide of the mark that it is worrying how the rumour brigade seem so plausible.Suggest you look at the Balance Sheet and Accounts and take a look at the funders and more importantly why Paragon are seeking the emergency rights issue.If they didn't lend another penny the profits from the assets currently being managed through the securitisation deals of the last 10 years creates a good level to keep the operation going by which the Capital Markets hopefully will have relaxed.