IPF soars on strong second quarter

Credit lender International Personal Finance (IPF) soared after it made a "substantial" improvement in the second quarter following a difficult start to the year. The group staged a recover in the second quarter, led by Poland and Czech-Slovakia as a result of actions taken by the group and stabilisation of economic conditions.Second quarter pre-tax profit came in at £17.6m against a pre-tax profit of £20m in the same period last year. But that was much better than the £8.5m pre-tax loss in the first quarter, against the £6.3m profit in the same quarter last year.For the half year, the group saw pre-tax profits fall to £9.1m (June 2008: £26.3m) reflecting increased impairment. Revenue came in at £265m from £260.7m before. The group said Hungary was worst affected by the economic downturn but plans are n place to return it to profit for 2010.Mexico is progressing well and on track to report a full year profit for 2009, while Romania is also progressing well towards profit for 2010, though it is cautious on the economic outlook"Following a difficult start to the year we are encouraged by the substantial improvement we have seen in the second quarter. Much will depend on whether this continues into the second half and in particular through the seasonal peak in the fourth quarter," said chief executive John Harnett. "Our business model is sensitive to economic conditions and the outlook for the economies in which we operate continues to be uncertain. However, based on current trends and the actions we have taken, we believe the Group is well positioned for an improved performance in the second half," he added.Interim dividend maintained at 2.30p per share. Inter. Pers.