Profits jump at Paragon

Buy-to-let mortgage firm Paragon Group said yesterday its operating profit had reached £68.9m for the nine months to 30 June 2012, a strong performance in line with management expectations. The group put the 17 per cent increase, up from £58.9m last year, down to its acquired portfolio of consumer loans. Pre-tax profits, including a £600,000 credit for fair value hedging, were £69.5m.