25 May 2012

Fairpoint wins more customers

15/09/2010 Robert Tyerman

Debt management and finance specialist Fairpoint Group has lifted interim pre-tax profits 9 per cent to £2.6 million, with customers up threefold to 22,121.

The Lancashire-based company increased turnover a marginal 0.7 per cent to £13.9 million in the six months to June, with revenues from individual voluntary arrangements (IVAs) slighty down and debt management revenues 'strongly ahead'.

Steered by chief executive officer Chris Moat, AIM-quoted Fairpoint grew its book of ongoing cases 44 per cent to 33,547 in the first half year, cut its bank borrowings by £2.3 million to £4.2 million and is paying an interim dividend of 1.5p a share, against no payout a year ago. The company has been able to acquire books of debt management business from weaker players pushed out by tough competition and has increased its future range of business through July's purchase of price comparing Moneyextra.com, which could eventually cost up to £8 million if earnings targets are met.

Moat says rising unemployment has driven demand for debt solutions. Although jobless numbers have stopped growing and even fallen slightly recently, he argues imminent public spending cuts are forecast to cause 610,000 job losses, while the number of consumers experiencing financial stress looks like growing too, into 2011.

Fairpoint shares have traded between 86.5p and 55p over the past year and now stand at 69.5p, down 0.5p this morning. That values the company at £30.3 million.

Tags: AIM, Growth Stocks, Mergers & acquisitions

Sector: General Financial

Companies: Fairpoint Group

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