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23 Jul 2013 07:00
23 July 2013
Fairpoint Group plc
Trading Update
Notice of Half Year Results
Fairpoint Group plc ("Fairpoint" or "the Group"), the leading provider of advice and solutions to financially stressed consumers, today issues a trading update on the Group`s performance for the six months ended 30th June 2013, ahead of announcing its half year results on Thursday, 12th September 2013.
Overall Group trading for the first half of 2013 has been in line with management expectations. The Group`s claims management activities have continued to perform well; market conditions in the Group`s core debt solutions activities remain challenging as anticipated, reflecting that IVA market volumes fell by 5% in the first quarter of 2013 (source: The Insolvency Service). In line with our stated strategy, the Group`s progress with diversification continues to bear fruit and enhance earnings.
Group net cash as at 30th June 2013, net of asset related finance, was £2.8m (31st December 2012: £1.6m), which reflects, in particular, cash generated from operations, acquisition costs of back books of £0.9m and the payment of the final 2012 dividend of £1.5m in June. The Group also has unused secured long term bank facilities of £13m.
The Board will update the market on trading and progress with its growth strategy on 12th September.
Enquiries:
Fairpoint Group Plc
Chris Moat, Chief Executive Officer 0844 826 1209
John Gittins, Finance Director
Shore Capital (Nominated advisor and broker)
Pascal Keane 0207 408 7912
Edward Mansfield
MHP Communications
Reg Hoare / Katie Hunt / Ben Griffiths 020 3128 8100
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