LONDON (dpa-AFX) - International Personal Finance plc (IPF.L) said the Group delivered a robust trading performance in the first quarter with improved credit issued trends and a strong collections performance. The increasing sales momentum resulted in the year-on-year contraction of credit issued moderating from 31% in fourth quarter 2020 to 18% in first quarter 2021. The Group's continued strong collections performance translated into a 5.2ppts reduction in Group annualised impairment as a percentage of revenue to 32.2%.
The Group said the faster than anticipated improvement in impairment in first quarter is expected to result in a lower full-year impairment charge and a stronger rebound in profitability in 2021 than originally planned.
International Personal Finance said Chief Financial Officer, Justin Lockwood, will leave the Group at the end of July. A search for a successor is now underway, the Group noted.
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