(Alliance News) - Consumer credit firm International Personal Finance PLC on Thursday said it made a "robust" start to 2021 and added that it is on the hunt for a new chief financial officer, after losing incumbent Justin Lockwood to Marshalls PLC.
Landscaping products firm Marshalls said Lockwood will the company once a departure date from International Personal Finance is agreed. He succeeds Jack Clarke, who left the post on March 31.
"Prior to International Personal Finance plc, Justin worked for Associated British Ports for four years in a senior finance role. His first role in industry was with Marshalls, between 2002 and 2006, where he worked in a variety of business unit and head office roles, including as finance director of Marshalls Clay Products before its disposal to Hanson PLC," FTSE 250-listed Marshalls said.
Leeds-based IPF said the hunt for a new CFO is underway.
"After eleven years with IPF, the last four as chief financial officer, Justin Lockwood will leave the group at the end of July to take up a role in a different industry sector. Justin has made an outstanding contribution to our business, and he leaves with our heartfelt appreciation and best wishes for his future success," IPF added.
Marshalls shares were 0.7% higher at 749.91 pence each in London on Thursday morning. IPF was up 6.9% at 129.37p.
IPF reported a decline in lending volumes in the three months to March 31. Credit issued fell 18% year-on-year, though this was a slower decline that the fourth quarter's 31% drop.
Collections were "strong" and IPF projected a lower full-year impairment charge. Its profit rebound in 2021 will be "stronger than expected".
"Our group delivered a robust trading performance in the first quarter of the year with improved credit issued trends and a strong collections performance," Chief Executive Gerard Ryan said.
By Eric Cunha; ericcunha@alliancenews.com
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Marshalls (MSLH)
Inter. Pers. (IPF)