INTERVIEW: Fairpoint Targets Third Of Rev From Value-Added-Svcs

By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. consumer debt adviser Fairpoint Group PLC (FRP.LN) expects to get around a third of its group revenue from "value-added services" by the end of 2010, Chief Executive Chris Moat said Wednesday, as the company looks to increase customer numbers by offering more money-saving products. Since last year Fairpoint has been offering "value-added services" such as utility switching and pre-paid cards offered to financially distressed customers that called its helpline. "A combination of increasing our services and the Moneyextra.com acquisition means we now think a third of our revenue will be from non-IVA sources by the fourth quarter," Moat said. Fairpoint Wednesday said it has agreed to buy price comparison website Moneyextra.com Ltd for an expected cost of GBP8 million. Moat said the company was previously targeting 20% of its revenue from non-IVA, or Individual Voluntary Arrangement, sources by the end of 2010. The figure stood at 12% at the end of 2009. IVA is a formal agreement between borrowers and creditors over debt repayment aimed at helping people who are struggling with their debts. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires July 21, 2010 05:36 ET (09:36 GMT)