PARAGON Group, the Solihull-based specialist buy-to-let and consumer finance plc, has enjoyed a spike in pre-tax profit, it announced today.
In its full-year results for the period ended September 30, 2011, pre-tax profit climbed from £71.8m to £80.8m.
Underlying profit increased by 22.7% to £81.1m from £66.1m.
Final dividend per share was 2.65p, up from 2.4p, while it said it had a “strong cash position and positive cash flow”, with free cash standing at £195m, up year-on-year from £147.8m.
The statement said it had completed three consumer loan portfolio investments totalling £22.7m during the year and a £43.2m consumer loan portfolio purchase had been completed post year end.
Chief executive Nigel Terrington said: “The performance of the group has been strong across the year, with great progress also evident in the delivery of valuable new opportunities.
“Through Idem Capital, we have made a number of portfolio investments during the year and, after the year end, all of which should be immediately earnings enhancing.
“Further, we have successfully re-established our buy-to-let new lending business and completed a securitisation of buy-to-let assets originated during the year, our first since 2007. This augurs well for a strong start to 2012.”
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