26 Feb 2014
International Personal Finance today announces the Full year results and statement of dividends. Year ended 31 December 2013.
A year of growth
- Record full year profit up 24%
- Profit before tax of £118.1M reflects strong underlying growth of £27.1M and after absorbing investment costs of £4.4M in new market expansion
- Revenue for the year increased from 9% in prior year to 11%
- Effective management of credit quality alongside growth, with impairment slightly lower at 26.6% of revenue (2012: 27.0%)
- Cost-income ratio improved to 39.5% (2012: 39.8%) after absorbing new market entry costs
- Strategy continues to deliver growth
- Customer numbers increased year-on-year by 7%
- Strong credit issued growth of 15%, with more than £1 billion of loans granted in 2013
- Longer-term, higher value loans rolled out in Poland, Czech Republic and Slovakia
- Lithuania and Bulgaria established and building geographic coverage
- Strong growth continues in Mexico
- Customer growth accelerated to 9%
- Revenue growth of 21% drove profit increase of 58% to £14.5M
- Profit per customer increased to £21 (2012: £14)
- First loans issued in Mexico City in December
- Robust balance sheet and delivering good returns to shareholders
- £60M share buyback programme completed in November
- Equity to receivables of 50% in line with revised target
- Proposed full year dividend increased by 20% to 9.3 pence per share
Chief Executive Officer, Gerard Ryan, commented:
"2013 has been a year of significant progress for our business with consistent delivery against our Strategy for Growth, a strong trading performance and robust profit growth. In addition to maintaining very good portfolio quality, we entered two new markets, developed our product range and made good progress in our funding objectives. Although we saw heightened regulatory challenges and increased competition we are confident that our strategy and business development will continue to deliver further growth in 2014 and beyond."
For further information contact:
International Personal Finance plc
Rachel Moran (Investor Relations)
+44 (0) 113 285 6798
Nick Jones (Head of Communications)
+44 (0) 113 285 6815
