Doors still opening for Intl Personal Finance
Mid-cap doorstep lending firm, International Personal Finance, posted a 4% increase in credit issued for the quarter to date and despite reduced consumer confidence, said it remains on track for the full year.
Mid-cap doorstep lending firm, International Personal Finance, posted a 4% increase in credit issued for the quarter to date and despite reduced consumer confidence, said it remains on track for the full year.
"With three important weeks of trading to complete before the year end, we remain on track to deliver a good result for 2011," IPF said in a company update.
On a more cautionary note it said, "The current state of the global economy continues to make the outlook for 2012 unusually uncertain."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
IPF also outlined the significant volatility in foreign exchange markets in 2011 and more recently a weakening of its trading currencies against sterling.
"Overall, we estimate that compared to the effective rates used to translate overseas profits in 2011, current FX rates would negatively impact reported profit by 14%. As usual we will review our profit and loss account hedging for 2012 in January of next year," it said.
Otherwise the group said the business is in good shape, with a resilient operating model and a robust balance sheet. It said it is well positioned to deal with these challenges.
Commenting on the changes to Hungarian corporation tax legislation, which will now remain at 19%, IPF now expects a one-off reduction in the group's effective tax rate in 2011 of around 4% to 24%. The effective rate is expected to revert to around 28% in 2012.
--
cj
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Four AI ETFs to buy
Is now a good time to buy AI ETFs? We examine four AI ETFs that investors might want to add to their portfolio
By Dan McEvoy Published
-
Chase boosts easy-access interest rate - savers could earn 4.75%
Chase is offering a boosted interest rate which is fixed for six months, on top of the standard variable rate
By Jessica Sheldon Published