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International Personal Finance swings to annual loss as pandemic roils home credit business
StockMarketWire.com
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International Personal Finance swung to an annual loss on pandemic-led weakness in its home credit business.
For the year ended 31 December 2020, the pre-tax loss was £40.7 million compared with a profit £114 million year-on-year as revenue fell 22% to £889.1 million.
The loss included an exceptional charge £11.9 million owing to a £10.6 million charge arising from the decision to close its business in Finland and a £9.5 million charge for rightsizing, the company said.
Looking ahead, the company said credit issued during 2021 to date continues to 'show encouraging trends with year-on-year improvements that are ahead of Q4 2020 despite renewed restrictions on people movement having an impact on customer demand, and we expect to progressively rebuild the receivables portfolio as the year unfolds.'
At 9:35am: (LON:IPF) International Personal Finance PLC share price was 0p at 77p
Story provided by StockMarketWire.com
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