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International Personal Finance PLC - Leeds-based provider of unsecured consumer credit - Swings to pretax loss in 2020 of GBP40.7 million from a profit of GBP114.0 million the year prior. Revenue sinks 22% to GBP661.3 million from GBP889.1 million. Issues GBP772.2 million in credit, down 41% from GBP1.35 billion. Says collections over the year were more difficult due to pandemic disruptions, but improved from May onwards. Does not declare a dividend in 2020 compared to a dividend of 12.4 pence per share the year prior. Says it has a plan in place to return to profitability.
"We have managed the business effectively through this turbulent period and proven the resilience of our international business model. We responded quickly to the pandemic, taking the strategic decision to establish three principles to guide our decision-making - to protect our people, prioritise our loyal customers and protect our business. This approach, together with the implementation of our return to growth plan and the exceptional dedication of our workforce, allowed us to continue serving our customers safely, deliver an improving operational performance and return the business to profitability in the second half of the year."
Current stock price: 84.60 pence, up 7.1% on Wednesday afternoon
Year-to-date change: up 3.8%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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