LONDON (Alliance News) - Paragon Group Of Companies PLC Thursday said operating profit for the first nine months of its financial year increased to GBP88.3 million from GBP75.7 million, a performance the company called "strong and in line with management's expectations".
Pre-tax profits, inclusive of a credit of GBP500,000 for fair value hedging items, were GBP88.8 million for the nine months.
"The latest quarter has built on the progress delivered in the first half of the financial year, and the board is confident that performance will meet expectations for 2014," the company said in a statement.
The group also said that Pam Rowland will join as its chief operating officer in September. Rowland is currently managing director for change delivery at Barclays PLC's UK Retail and Business Banking.
Paragon Group Of Companies, which operates three business divisions - Paragon Mortgages, portfolio purchase division Idem Capital, and Paragon Bank - said its markets are each displaying "strong, encouraging and sustainable" growth prospects.
"It is our intention to expand further into each of our sectors adding product and distribution to enhance returns," Paragon Group Of Companies said, adding that the quality of its assets and low risk appetite leave it well placed to deal with anticipated increases in interest rates.
Shares were Thursday quoted up 0.3% at 338.90 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Barclays (BARC)
Paragon Group (PAG)
