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Trading statements

Paragon Group sees FY 2016 profits in line

29 July 2016 07:25

Paragon Group of Companies said it expects to deliver profits for the 2016 financial year in line with management's expectations.

But it warned that normal trading had been disrupted by stamp-duty changes on buy-to-let property purchases and uncertainty ahead of the non-binding EU referendum.

"There is the potential for further disruption following the referendum vote, although it is too early for the scale of this to be determined. Naturally we will monitor market conditions closely," the company said.

"However, our view continues to be that a number of regulatory and fiscal changes, whilst dampening the rate of growth of the buy-to-let market, will create opportunities for market share gains for specialist lenders."

Paragon said its strong balance sheet and increasing income and funding diversification meant it was well placed to respond effectively to these uncertainties in the financial markets and the inevitable opportunities that would arise.

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