Intl Personal Finance posts record 2013 pre-tax profits

26th Feb 2014 09:57

- Record rise in pre-tax profits- Opens operations in Bulgaria, Lithuania- More than 1bn pounds issued in loansLoan company, International Personal Finance (IPFIN) reported a 24 per cent rise in 2013 pre-tax profits to a record 118.1m pounds after absorbing new market entry costs of 4.4m pounds.The company, which provides small-sum short-term loans to customers from Mexico to Bulgaria, said revenue increased 10.6% to £746.8m. It issued £1.05bn in credit to 2.58m customers compared with £882m and 2.4m in 2012. Earnings per share were up to 35.46p from 27.55p.The company said it had rolled out longer-term, higher-value loans in Poland, Czech Republic and Slovakia as well as establishing operations in Lithuania and Bulgaria.Chief Executive Officer Gerard Ryan said the macroeconomic backdrop in IPFIN's markets is "positive and forecast to be supportive of our growth plans in 2014"."While the level of regulatory debate and competition is increasing, we have a strong track record of adapting our business model to meet new requirements," he said."Through our strategy for growth we are on track to expand the business, strengthen customer relationships and develop our product range, and we are confident of making further good progress in 2014."The full year dividend was increased 20% to 9.3p a share.Shares in IPFIN were up 29p, or 5.75% to 533p at 09.55.FP