Paragon remains strong
Specialist lending company Paragon has remained strong, in line with management expectations during the period since October 1st, the firm said.
Specialist lending company Paragon has remained strong, in line with management expectations during the period since October 1st, the firm said.
Paragon generated operating profits of £20.3m, compared with £18.1m for the corresponding period in the previous year, the increase largely the result of income generated from the group's new business developments.
Pre-tax profits were £20.8m for the period.
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
Redemptions across the loan books remained low and the credit performance across the portfolio continued to be strong.
At December 31st 2011 the pipeline of new business amounted to £95.1m.
In a statement the firm said: "During the period, the group made excellent progress, continuing the successful management of the existing and acquired books whilst developing the new lending business, completing its first securitisation since 2007 and securing attractive portfolio acquisition investment opportunities. The group will continue to pursue this strategy."
The share price fell 0.11% to 182.3p by 09:17.
NR
-
Buying a property is cheaper than renting again – how much could you save?
News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
By Marc Shoffman Published
-
Is now a good time to invest in India?
Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
By Cris Sholto Heaton Published