‘Strong growth’ for IPF

CREDIT lender International Personal Finance today reported strong year on year growth in customers, credit issued and receivables and is on track to report full year results in line with expectations.
 
In a pre-close statement, the Leeds-based group said that collections performance remains strong, impairment has continued to improve and costs remain well controlled.
 
IPF said that whilst the rate of corporation tax reducing from 19% to 10% in Hungary from 2013 would be beneficial in the medium term, it will result in a reduction of £4 to £5m in the group’s deferred tax asset.
 
As a result, IPF expects this one-off charge to increase the group’s effective tax rate for 2010 to around 33% but that the effective rate will revert to around 28% in 2011.
 
The preliminary announcement of IPF’s full year results for 2010 will be published in March.