Frp Advisory Group Regulatory News (FRP)

11 Apr 2006 07:00

Debt Free Direct Group PLC11 April 2006 11 April 2006 DEBT FREE DIRECT GROUP PLC CAPACITY INCREASED TO MEET DEMAND The IVA market continued its strong growth in March, with volumes up 29% on theprevious month and 155% on March 2005. Debt Free Direct maintained its market share at just under 20%. Volumes arecontinuing to grow rapidly and work in progress is at record levels. With thisin mind, the company is taking on new leasehold premises that will more thandouble its capacity to process IVAs. These new facilities will become fullyoperational in October 2006. Meanwhile, the company has brought on streamfacilities in Northern Ireland capable of completing 150 IVAs per month withimmediate effect. This capacity is expected to double over the next 12 months. Andrew Redmond, CEO, commented "We are very pleased with our continuingprogress. Expanding capacity to handle the ever increasing volumes of businessgenerated by our advertising has always been a challenge. The steps announcedtoday will ensure that we can continue our rapid growth trend." Enquiries: Debt Free Direct Group plcAndrew Redmond, Chief Executive Officer 01257 240599Paul Latham, Finance Director 01257 240529 Numis SecuritiesIain McDonald 020 7776 1500Lee Aston Financial Dynamics 020 7831 3113Ed Gascoigne-PeesNick Henderson Notes The number of completed IVAs per month quoted above is consistent with officialstatistics, i.e. recording a joint IVA as two cases. This information is provided by RNS The company news service from the London Stock Exchange