Fairpoint bullish on prospects
LANCASHIRE’S Fairpoint Group, which provides debt advisory services to people in financial trouble, said it expects to meet financial targets for 2011, after much improved second half of the year.
The Chorley-based company said progress had been made in all key areas of the business – including acquisitions in IVA and debt management; helping consumers gain compensation for payment protection insurance claims, and also piloting a business offering short-term ‘pay day’ loans.
Chief executive Chris Moat said: “We have made solid progress in the second half of last year and achieved much of what we set out to do at the interims, including the successful implementation of our cost reduction programme in our core IVA activities and continued diversification of the business into new revenue streams.
“We enter 2012 with confidence, as we expect the results of these initiatives to continue to deliver benefits in the current and future years.”
Fairpoint said its confidence is underpinned by the full year effect in 2012 of cost reduction initiatives in its core IVA activities, consolidation in the debt management sector, which will provide growth opportunities through back book acquisitions and the continued diversification into new, but related income streams, in particular PPI claims in the near term, and lending in the longer term.
The group said it is working on securing new banking facilities and would update investors in March when it publishes full-year results.
