International Personal Finance continues to grow overseas
INTERNATIONAL Personal Finance today reported a 9% leap in revenues boosted by its performance in countries including Poland, Hungary and Mexico.
The Leeds-based credit lender said underlying pre-tax profits grew by 20% but total pre-tax profits fell by almost £10m to £95.1m in the year to December 31 due to the impact of higher early settlement rebates and weaker foreign exchange rates.
IPF, which saw revenue of £651.7m last year, will expand its operations into Bulgaria and Lithuania this year and is currently testing a range of new products.
The group, which completed a £25m share buyback in November, is increasing its full year dividend by 9.9% to 7.7p per share.
Chief executive Gerard Ryan, commented: “2012 proved to be a very good year for our business with underlying growth of 20% in profit before tax. Our new strategy is delivering accelerated growth, enhanced shareholder returns and a clear set of opportunities that should continue to drive the business forward and we are confident of further good progress in 2013.”
IPF also announced today that non-executive director John Lorimer will retire at the AGM on April 25 after three years on the board.
The group appointed former T-Mobile UK managing director Richard Moat as a non-executive director last July.
IPF increased its number of customers by 4% to 2.415m last year and issued credit of £882.1m, a rise of 13.2%.
