MCB to beat full-year forecasts

Europe-focused consumer finance firm MCB Finance jumped on Wednesday after revealing that both revenue and net income for the full-year should beat market forecasts.

The firm said that lending volumes have grown "substantially" since the first half (ended 30 June) and the principal lent has increased 65% compared to the second half of 2010.

"This is a result of further increased marketing visibility in all markets, resulting in a growing number of website visits by both new and returning customers, and attractive conversion rates," the statement said.

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Despite the ongoing troubles in the Eurozone, MCB's four markets - Finland, Estonia, Latvia and Lithuania - have seen "favourable" economic conditions with gross domestic product growth well above the EU average, the firm said.

"The group is preparing to extend the business beyond currents markets in 2012, and is expecting to enter a new geographical market during the first half of 2012 as well as introduce new products and services during 2012."

Shares were up 8.97% at 42.5p by 10:44.

BC