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Annual Results

IPF pre-tax profits fall

01 March 2017 09:42

International Personal Finance's pre-tax profits fell to £92.6m in the year to the end of December.

This was £23.5m down on 2015 but in line with expectations and reflected lower home credit profit and higher investment in IPF Digital offset partly by a positive FX impact.

The number of customers fell to 2,523,000 from 2,563,000 but revenues rose by 8.1% at constant currencies to £1,157.6m.

Chief executive Gerard Ryan said: "It has been a difficult year for our Company and its shareholders.

"We delivered continued strong growth in Southern Europe and IPF Digital but faced further regulatory challenges in Europe, particularly in Poland.

"Performance in our Mexican home credit business was below our original expectations but actions taken delivered a significantly improved performance in the second half of the year.

"We expect the competitive and regulatory environment to remain challenging but we continue to see further opportunities to optimise our European home credit operations and will utilise the returns generated by these businesses to invest in growing Mexico home credit and IPF Digital."

At 9:42am: (LON:IPF) International Personal Finance PLC share price was -21p at 160.2p

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