IPF continues to make good progress

CREDIT lender International Personal Finance (IPF) said today that it is continuing to make good progress and that full year results could slightly exceed expectations.

The Leeds-based group, formerly the international division of Bradford-based Provident Financial, said that better than expected results could be expected if present trends continued.

It added there were three significant weeks of trading to go before the end of the year including Christmas.

In October, IPF said that it was materially ahead of current market expectations but that the impact of recession on the Christmas lending peak remained unpredictable.

Earlier this year IPF reported that pre-tax profits from continuing operations for the six months to June 30 dipped to £9.1m from £26.3m at the same time last year reflecting increased impairment.

It reported that its market in Hungary had been worst affected by the economic downturn but that it had a plan in place to return this market to profit for 2010.

However, it has since returned to profit along with Poland, the Czech Republic and Slovakia.

IPF will announce its full year results on March 3, 2010.