Yorkshire lender demoted from FTSE250

X The Business Desk

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Leeds credit lender International Personal Finance has been excluded from the FTSE250 list.

The lender has been demoted In the latest review of the FTSE100, 250 and 350 lists, after results yesterday which showed a decline in pre-tax profits.

Group profit before tax was £23.5m lower than 2015, coming in at £92.6m reflecting lower home credit profit and major investment in digital, according to the business.

It has also been dragged down by increasing legislation in Poland as well as restructuring costs at its Mexican business.

Chief executive officer, Gerard Ryan, commented on its results for the year to December 2016: “It has been a difficult year for our Company and its shareholders. We delivered continued strong growth in Southern Europe and IPF Digital but faced further regulatory challenges in Europe, particularly in Poland.

“Performance in our Mexican home credit business was below our original expectations but actions taken delivered a significantly improved performance in the second half of the year.

“We expect the competitive and regulatory environment to remain challenging but we continue to see further opportunities to optimise our European home credit operations and will utilise the returns generated by these businesses to invest in growing Mexico home credit and IPF Digital.”

Other movers in the FTSE lists include Dixons Carphone  which has been excluded from the FTSE100, and owners of the Jacamo men’s clothing brand, which have been excluded from the FTSE250 and 350 lists.

International Personal Finance Share price of International Personal Finance over the past six months. Courtest of the London Stock Exchange Group.