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International Personal Finance posts solid first quarter
(Sharecast News) - International Personal Finance announced a solid first-quarter performance on Thursday, with customer lending rising 5% excluding Poland, with demand steadily improving as the quarter progressed. The London-listed firm said year-on-year net receivables growth came in at 11% at constant exchange rates, excluding Poland, which it put down to robust customer repayment performance and excellent credit quality.
In line with its strategic plans, IPF reported progress in executing its 'Next Gen' strategy, aimed at leveraging sustainable long-term growth opportunities.
It said its proactive measures to adapt its Polish home credit business in response to regulatory developments reflected its commitment to maintaining operational agility and compliance across its markets.
Financially, IPF said it was well-positioned to pursue its growth agenda, with ample headroom on undrawn facilities and non-operational cash balances totaling £174m.
Its plans to refinance the Eurobond due in November 2025 were meanwhile progressing well, the board said.
"We've made a very good start to the year and are progressing well against our 2024 financial plan," said chief executive officer Gerard Ryan.
"We delivered good customer lending and receivables growth in all our markets with the exception of Poland, where our actions to adapt our home credit business to the changing regulatory backdrop continue.
"Credit quality remains excellent across all parts of the group, and this provides us with a strong foundation to accelerate growth through the remainder of the year and capture the substantial long-term growth opportunities through delivery of our Next Gen strategy."
Ryan said the firm had a "very robust" balance sheet and funding position to support its future growth opportunities, adding that it was continuing to engage with fixed income investors to explore options to refinance the group's Eurobond due in November 2025.
"As a diversified, global business with a clear strategy to extend financial inclusion, we are well positioned to deliver further growth and attractive returns to shareholders in 2024 and beyond."
At 0954 BST, shares in International Personal Finance were up 2.82% at 108.47p.
Reporting by Josh White for Sharecast.com.
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