Shares of International Personal Finance Plc. (IPF.L) were losing around 14 percent in the morning trade in London after the provider of unsecured consumer credit reported a first-half loss before tax of 53.3 million pounds, compared to profit of 56.1 million pounds a year ago.
Loss per share was 27.7 pence, compared to profit of 14.8 pence last year.
Pre-exceptional loss before tax was 46.8 million pounds, compared to profit of 56.1 million pounds a year ago.
Revenue for the period fell 15 percent to 362.2 million pounds from 446.9 million pounds last year.
Customer numbers declined 17 percent from last year to 1.82 million.
Further, the company said its Board, based on first half performance and expectations for the second half, decided it is not appropriate to declare an interim dividend, while last year’s dividend was 4.6 pence per share.
Looking ahead, Gerard Ryan, Chief Executive Officer, said, “We have reviewed and redefined our medium-term strategy to ensure we emerge from this period in a strong competitive and financial position, enabling us to fulfil the significant demand for affordable credit in our markets and put in place firm foundations for a quick return to profitability and long-term growth. Our near-term objective is the refinancing of our 2021 Eurobond, supported by our robust balance sheet and the unique position we occupy in the underbanked and underserved consumer finance market.”
In London, IPF shares were trading at 64.20 pence, down 13.71 percent.
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