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
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefsMPs want the government to delay changes to inheritance rax reliefs for farmers
-
‘I’m among the thousands of millionaires leaving the UK – the new tax rules don’t make sense ’MoneyWeek spoke to a serial entrepreneur who is leaving the UK following the abolition of the non-dom tax status
