Revenue and profit up for debt firm

PERSONAL debt management specialist Fairpoint Group is expecting double digit growth in revenue and profts.

In its trading update the Chorley-based Group said its results are in line with market expectations, following the acquisition of Yorkshire-based law firm Simpson Millar which has delivered a strong performance following its acquisition in June 2014.

Fairpoint’s debt management segment also grew strongly, largely as a result of successful acquisition activity during the year.

However, the challenging market conditions in the IVA segment experienced in the past few years have continued as expected, although Fairpoint has successfully maintained profit margins, despite falling revenue compared to 2013.

Claims levels from existing IVA clients have reached maturity, and cases from a growing number of debt management clients are still under development.