Polish business helps drive revenue at International Personal Finance

Revenue growth increased to nine per cent in the year ended December 31st at boutique accounting and finance specialist International Personal Finance.

Revenue growth increased to nine per cent in the year ended December 31st at boutique accounting and finance specialist International Personal Finance.

In its annual results, the FTSE 250-listed group reported 13% growth in credit issued and 11% growth in receivables.

Profit before tax contracted slightly, to £95.1m from £100.5 in the preceding year. The group said that this reflected underlying growth of £20.3m before the impact of higher Early Settlement Rebates and weaker FX rates.

The cost-income ratio contracted to 39.8% from 41% a year earlier as a result of a cost reduction programme which delivered efficiencies and standout operational performances were recorded in Poland and Hungary, the company said.

Further improvements were reported in Mexico, with profit and profit per customer increasing to £7. Impairment in Mexico improved to 28.3% of revenue, compared to 30.2% in the previous year, and within the company's target range.

CEO: 2012 saw 20% underlying growth in pre-tax profitGerard Ryan, Chief Executive Officer, 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."

International Personal Finance's share price was up 5.49% to 428.70p.

MF

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