Fairpoint grows first half profit

Overall profitability has improved "significantly" in the first six months of 2009 at debt advice firm Fairpoint ahead of the seasonally stronger second half. The financial performance was in line with expectations as improvements delivered in the second half of last year led to gains in operational efficiency and cash generation.Fairpoint is confident that the full-year result will be in line with market expectations.It said continued operational improvements resulted in historically high conversion rates from a lower cost base. The use of selective marketing channels is generating strong year-on-year profit growth from lower spend and lower lead volumes.Net borrowings are seen falling from £8.6m at the end of 2008 to £6.5m at 30 June 2009. Interim results are due on 15 September.