LONDON (Alliance News) - Fairpoint Group PLC Friday said that overall trading for the first three months of 2015 has been "materially ahead" of the corresponding period of the prior year and in line with its expectations.
The company said the trading performance was due to a "strong contribution" from its new consumer legal services business.
Simpson Millar LLP, which was acquired in June 2014, is performing well, according to Fairpoint, which said it is developing a pipeline of potential acquisitions that would fit in well with the consumer legal services business.
Fairpoint said that market condition in its debt businesses remains challenging. That part of the business helps customers to manage their debt repayments. Fairpoint said it will focus on writing business with good margins.
"We expect the full year benefit of our legal services platform will provide an important growth stimulus for 2015. In addition, we have the capacity and finance to continue to pursue selective acquisition opportunities, with particular focus on this market," Chris Moat, chief executive, said in a statement.
Fairpoint shares were up 2.0% at 125.50 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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