New markets yield growth for lender IPF
CREDIT lender International Personal Finance has had a strong third quarter as year-to-date profits increased 28% to £75m.
The Leeds-based business said its £60m share buy back is close to completion, having bought 8.4 million shares at a cost of around £52m.
It added that expansion into Lithuania and Bulgaria, new markets it entered in July and September respectively, was progressing well. Plans to expand its geographical footprint in Mexico remain on track, it said.
As a result of these initiatives, customer numbers grew to 2.5 million and the year-on-year customer growth rate increased from 3% in the first half of the year to 4% in the third quarter.
They also contributed to a 13% year-on-year increase in credit issued, 17% growth in average net receivables and a revenue increase of 11%, up from 9% in the first half of the year.
Gerard Ryan, chief executive, said: “We have made good progress in the quarter with our expansion into Lithuania and Bulgaria and the further roll out of longer-term loans and preferential pricing for our best customers.
“Our Q3 trading performance was strong with increased revenue growth and we passed the 2.5 million customer mark. We are well placed to achieve a good full year performance in 2013.”
