Home credit firm well prepared for second lockdown
The Leeds-based firm said it is well prepared for operating during the pandemic.
Gerard Ryan, chief executive of IPF, 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.
Advertisement
Hide AdAdvertisement
Hide Ad"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.
"Successfully completing the refinancing of the business provides the financial foundation on which we will continue to provide credit responsibly to under-served consumers and deliver long-term growth and value to all our stakeholders."
The group has successfully completed a bond exchange and refinancing.
It reported a further increase in credit issued to 60 per cent of pre-Covid expectations and said a net cash flow of £7m reflects the progressive shift towards growth.
Advertisement
Hide AdAdvertisement
Hide AdIPF said it delivered progressive improvements in its operational performance in October, with a further increase in credit issued and a good collections performance.
It said the second wave of the pandemic has resulted in rising Covid cases in all its European markets.
"Various restrictions have been introduced by governments, but our agents continue to serve their customers effectively," said Mr Ryan.
"Whilst freedom of movement restrictions are beginning to result in a slight reduction in demand, the expected negative impact on collections for which we had planned has not arisen."
Advertisement
Hide AdAdvertisement
Hide AdAnalyst Stuart Duncan at Peel Hunt said: "IPF’s operational performance has continued to improve through October, both in terms of increased credit issuance and good
collections performance.
"Although the share price has recovered from recent lows, we still see significant upside."
Comment Guidelines
National World encourages reader discussion on our stories. User feedback, insights and back-and-forth exchanges add a rich layer of context to reporting. Please review our Community Guidelines before commenting.