International Personal Finance trading improves during October

Home credit business International Personal Finance said on Wednesday that it had seen continued improvements in its trading performance throughout October.

IPF stated collections effectiveness had increased two points to 97% of pre-Covid expectations, while credit issued grew to 60% of levels expected before the pandemic.

The London-listed group added that net cash flow generation in October came to £7.0m, a "more modest" figure when compared to recent months as a result of its strategic decision to increase lending cautiously in order to rebuild its portfolio.

Chief executive Gerard Ryan said: "I'm very pleased to report a further improvement in our collections performance and that we are carefully increasing lending to our highest quality customers.

"We are well-prepared for operating during the second wave of the Covid pandemic, with our priority being the health and safety of our colleagues and customers."

As of 0920 GMT, IPF shares were up 3.39% at 85.30p.