International Personal Finance swings to interim pre-tax profit

Consumer credit lender International Personal Finance said on Tuesday that pre-tax profits had grown in the six months ended 30 June.

IPF posted an interim pre-tax profit of £43.3m, a marked turnaround from the £53.3m interim pre-tax loss reported a year ago.

Credit issued rose 25.1% to £378.2m, while revenues fell 25.4% in the half to £362.2m.

However, despite the revenue drop, the London-listed firm stated all of its units were profitable throughout the half, leading it to propose an interim dividend of 2.2p per share.

Chief executive Gerard Ryan said: "Demand for credit is beginning to recover in our segment and we are well positioned to meet the significant longer-term demand for affordable credit from the consumers we serve and deliver long-term value to our stakeholders.

"Based on our rapid and sustainable return to profitability and the undoubted strength of our balance sheet, the board has recommended a resumption of dividend payments to shareholders."

As of 1035 BST, IPF shares were up 5.21% at 142.04p.