Fairpoint Group confident in full-year results despite H1 profits drop

11th Sep 2014 11:27

Fairpoint Group, a financial services business, saw its profits fall during the first-half, but said the results were in line with expectations.Profit before tax dropped to £1.2m in the first six months of the year, against £2.6m the same time last year.The group’s revenue slightly decreased to £13.9m compared to £14m the year before.However, Fairpoint said it expects new acquisitions opportunities within legal services and debt management to generate good results for the rest of the year.Earnings per share decreased to 1.87p against last year’s 4.51p.The company’s chief executive Chris Moat said he expects revenues to increase during the second half driven by acquisitions and positive market conditions in the individual voluntary arrangements (IVA) segment.“An important step in our planned strategy of moving into legal services has been taken with the acquisition of Simpson Millar and integration activities are progressing well. "The board is confident of making strong progress in the current year as we continue to reshape the business through our diversification strategy," he said.