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International Personal Finance PLC - Leeds-based provider of unsecured consumer credit - Posts a pretax profit in the first quarter ended March 31 up substantially to GBP24.0 million from GBP8.4 million a year earlier. Revenue falls 31% year-on-year to GBP130.9 million from GBP196.7 million. It posts a GBP4.6 million impairment, down 92% from GBP60.9 million a year prior, helping to boost quarterly profit.
The lower than anticipated impairment charge of GBP4.6 million is boosted by a "very strong" collections performance for the first half. Looking ahead, International Personal says "good progress" is being made to deliver long-term sustainable growth.
"Our strategy is to build on the positive momentum generated in the first six months of 2021 by continuing to serve our customers safely, increasing credit issued and growing the receivables portfolio while maintaining a clear focus on portfolio quality. Although the Covid-19 environment remains dynamic, we have proven the resilience of the business model and expect to continue to deliver a strong rebound in full-year profitability in 2021," the company says.
Current stock price: 142.00 pence, up 5.2% on Tuesday afternoon
Year-to-date change: up 74%
By Will Paige; willpaige@alliancenews.com
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