IPF celebrates record results

The Leeds-based company said the key driver of its record results was an 11 per cent increase in the amount of credit issued.

This was achieved by lending cash to quality customers who wanted longer term loans.

The company, which lends to 2.4 million borrowers across eastern Europe and Mexico, has launched a 90-week loan in Poland and a 100-week loan in the Czech Republic and Slovakia.

It is also offering reduced interest rates to its most frequent customers.

These initiatives helped it to increase pre-tax profits to £9.1m from £6.1m the year before.

IPF said macroeconomic conditions in its European markets were characterised by low growth and low but stable consumer confidence.

In contrast, it said economic growth and trading conditions in Mexico were stronger.

The company raised £70m this week through the issue of a bond aimed at retail investors.

IPF’s shares have risen by more than 80 per cent over the past year.