Polish growth boosts International Personal Finance profit

Growth in Poland boosted profits at emerging markets lender International Personal Finance (IPF) and the company added it was set for good full-year results, while acknowledging the risks from Europe’s debt crisis.

By The Newsroom

Published 20th Jul 2011, 09:38 BST

Leeds-based IPF, which operates in emerging markets such as Poland, Slovakia, Hungary and Mexico, posted first-half pre-tax profit of £35.7m for the six months ended June 30, up 17 per cent from last year.

Its earnings per shares rose 14 per cent to 10.13 pence, while it increased its interim dividend by 19 per cent to 3.00p.

The company’s profit in Poland rose by around £10m, as it won customers and issued more credit.

“We are confident that we are on course to deliver a good performance for the year as a whole,” chief executive John Harnett said in a statement.

“However, the risk remains that these markets may be impacted adversely by the difficulties being experienced in other, more established, economies, particularly in Europe. As a result, we continue to monitor economic conditions carefully,” he added.

IPF shares closed down two per cent at 354p yesterday, giving the group a market capitalisation of around £910m.