Lender IPF close to wrapping up share buyback

Michael Bow
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DOORSTEP lender International Personal Finance (IPF), which operates in Eastern Europe and Mexico, hoovered up £15m of its own shares during the third quarter, it said yesterday, in a share buyback.

IPF, listed on the FTSE 250, began a £25m share buyback programme at the end of July and yesterday said 60 per cent of the programme was finished after it snapped up 100,000 shares a day at £3.10- £3.20.

The firm said yesterday it would launch new products and push into different regions in Eastern Europe in 2013, as it reported flat pre-tax profits for the third quarter of 2012.

It posted £27.2m of pre-tax profits between July and September, versus £27m a year ago. Net revenues were down slightly year on year, but up nine per cent at constant exchange rates. Underlying growth was good with the firm’s key East European markets all posting profits. Its Mexican business reported £800,000 profit with customers up seven per cent. New chief executive Gerard Ryan, who took the helm in February, said it was a “good” quarter.