Paragon, the specialist lending company has seen pre-tax profits rise to £80.8m in the twelve months to the end of September, a gain of 12.5% on the prior year figure of £71.8m.
Final dividend was lifted to 2.65p from 2.40p, giving a full year dividend of 4p per share (2010 3.6p).
Paragon is split into two divisions, First Mortgages, which includes buy-to-let and owner-occupied mortgages and Consumer Finance which includes secured lending, retail finance and unsecured loan books.
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
First Mortgages contributed £67.3m in profits, Consumer Finance chipped in £13.8m - down from the £15.5m figure of 2010.
One of the most interesting parts of today's statement is that Paragon has re-entered the origination market for buy-to-let mortgages, lending £127m in the last 12 months.
Commenting on the results, Nigel Terrington, chief executive of Paragon, said:
"...we have successfully reestablished our buy-to-let new lending business and completed a securitisation of buy-to-let assets originated during the year, our first since 2007. This augurs well for a strong start to 2012."
Shares in Paragon had risen 2.51% to 171.2p by 10.11AM.
BS
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
