02:00 Wed 18 Nov 2020
Intnl Personal Fin - October 2020 Trading Update
International Personal Finance plc
International Personal Finance plc (IPF) specialises in providing unsecured consumer credit to around 1.7 million customers across 10 markets. We operate the world's largest home credit business and a leading fintech business, IPF Digital.
As part of our ongoing strategy to regularly inform and update investors on key operational performance metrics during the Covid-19 pandemic, IPF is publishing the following information for
· Highlights
Ø Continued improvements in trading performance
Ø Collections effectiveness increased 2 ppts to 97% of pre-Covid expectations
Ø Further increase in credit issued to 60% of pre-Covid expectations
Ø Net cashflow of
Ø Successful bond exchange and refinancing of the Group
· Continued improvements in trading performance
We continued to deliver progressive improvements in our operational performance in October with a further increase in credit issued and a good collections performance. The second wave of the pandemic has resulted in rising Covid cases in all our European markets. Various restrictions have been introduced by governments, but our agents continue to serve their customers effectively. Whilst freedom of movement restrictions are beginning to result in a slight reduction in demand, the expected negative impact on collections for which we had planned has not arisen. In
· Strong collections effectiveness
We continued to deliver a strong level of collections effectiveness, rising to 97% of pre-Covid expectations in October. All of our businesses (excluding
· Good credit issued
The robust collections effectiveness delivered since the half year has enabled a progressive relaxation of credit settings in order to increase lending and reduce the rate of contraction of our receivables portfolio. This strategy has driven an increase in credit issued to 60% of pre-Covid expectations, primarily in our home credit operations in
· Net cashflow generation
Net cashflow generation in October was
· Successful refinancing of the business
As previously reported, a new 5-year bond issue and amended covenant package across all the Group's bonds has been successfully completed. This, together with the Group's bank facilities, totals
Investor relations and media contact:
International Personal Finance |
+44 (0)7760 167637 / +44 (0)113 285 6798
|
A copy of this statement can be found on our website - www.ipfin.co.uk
Legal Entity Identifier: 213800II1O44IRKUZB59
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