City briefs: International Personal Finance and Synectics
Consumer credit company International Personal Finance (IPF) says its rebuild strategy is proving highly effective and has delivered sustained growth momentum,
In a quarter three 2020 trading update released today, the Leeds-based business adds that improving consumer demand and selective relaxation of credit settings has delivered a 35% increase in credit issued year-on-year.
As of 30 September 2021, the Group had total debt facilities of £572m (£407m of bonds and £165m of bank facilities) and borrowings of £475m, with undrawn facilities and non-operational cash balances of £149m.
Total cash balances at 30 September 2021 were £92m and include £52m that was not required for operational purposes but is available to drive receivables growth that is anticipated in the second half of the year and beyond.
Gerard Ryan, chief executive officer at IPF, said: “I’m delighted to report a very strong operational performance as levels of demand for credit continued to increase.
“Our business plays an essential role in society by providing credit to people who are underbanked or underserved, and we are successfully serving a growing number of customers in a responsible and sustainable way.
“Despite the ongoing challenges posed by the pandemic, we see significant long-term demand for affordable credit in all our markets and will continue to execute our rebuild strategy by increasing credit issued and growing the receivables portfolio while maintaining a clear focus on portfolio quality and costs.”
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Synectics, which designs, integrates and supports advanced security and surveillance systems, has been awarded two major casino projects in North America.
Working with local integration partner, Zuvid Surveillance Systems, Synectics will provide new surveillance management systems based on its Synergy software platform for Fallsview Casino Resort – the largest gaming resort facility in Canada, and its sister property, Casino Niagara.
Both properties recently re-opened having been closed since March 2020 due to COVID-19.
Delivery will start before the end of this year, with a five-year support contract already agreed, following completion in early 2022.
Mike Stanciu, director of surveillance, Niagara Casinos, said: “We selected Synergy due to the impressive ability to bring a number of fragmented processes and systems into a centralised, easy to use Command and Control space.
“Synergy’s ability to deliver an efficient product will be beneficial to the overall success of our department and our properties.
“Their intuitive front end makes it easy for operators to find the cameras they are looking for, review incidents and provide appropriate evidence when required.”
Paul Webb, chief executive of Synectics plc, added: “These are some of the first new major projects awarded in the sector since the start of the pandemic and, as footfall and revenues in North American casinos have recovered strongly in recent months, should indicate a relatively straightforward recovery in the gaming surveillance market in North America going forward.
“Continuing travel restrictions mean the market in Asia remains challenging, and any recovery there is not expected until next year.”
