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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  International Personal Finance plc    IPF   GB00B1YKG049

INTERNATIONAL PERSONAL FINANCE PLC

(IPF)
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Personal Finance : IPF says regulatory woes persist; stock plunges

02/24/2016 | 04:26am EST

(Reuters) - Consumer credit lender International Personal Finance Plc's full-year pretax profit edged past expectations as its digital unit and credit business in Mexico grew, but regulatory worries in eastern Europe pulled its shares down sharply.

IPF shares were down 13.3 percent at 229.9 pence by 0924 GMT, earning it the top spot among FTSE mid-cap percentage losers.

IPF Chief Executive Gerard Ryan reiterated an earlier warning that regulatory changes in Poland and Slovakia would hurt the company's profitability in 2016 and beyond.

However, he kept the company's earlier estimate for an impact from changes to Polish legislation at about 30 million pounds ($41.94 million).

The lender said in December it was evaluating alternative business models for Slovakia after the country amended its consumer legislation, which was expected to hit its business there.

IPF had warned in December it expected a hit to its Slovak business from the proposed consumer legislation amendments.

CEO Ryan said he was confident that the company would be able to achieve growth in home credit products and digital product offerings outlined earlier.

At least two analysts covering the company maintained a positive outlook about the company's future profitability and kept their "buy" rating on the stock.

While Shore Capital Market's Gary Greenwood said he expected IPF's earnings and dividend growth to resume in 2017, Peel Hunt's Stuart Duncan called the company's balance sheet "robust".

On Wednesday, IPF said full-year pretax profit before exceptional items fell 6 percent to 116.1 million pounds ($162.5 million), but was ahead of analysts' average expectation of 115.92 million pounds.

Profit from Poland and Lithuania, which together make up IPF's biggest market, rose 7 percent in the period. Reported profit from this market fell nearly 5 percent to 69 million pounds, taking into account adverse foreign exchange rates.

Pretax profit from its credit business in Mexico rose about 33 percent to 21.9 million pounds.

Total credit issued in the year rose 13.2 percent to 1.04 billion pounds.

Credit issued in Mexico rose 8.1 percent to 224.6 million pounds.

Revenue for the company, which provides small personal loans to over 2.7 million borrowers in Europe and Mexico, fell 10 percent to 704.3 million pounds.

Analysts on average had expected revenue of 776.61 million pounds, according to Thomson Reuters I/B/E/S.

(Reporting by Noor Zainab Hussain and Vidya L Nathan in Bengaluru; Editing by Gopakumar Warrier and Sunil Nair)


© Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL PERSONAL FINANCE PLC -0.49% 80.8 Delayed Quote.-0.37%
THE EASTERN COMPANY 0.44% 25.02 Delayed Quote.3.82%
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Financials
Sales 2020 678 M 930 M 930 M
Net income 2020 -63,1 M -86,6 M -86,6 M
Net Debt 2020 - - -
P/E ratio 2020 -2,76x
Yield 2020 -
Capitalization 180 M 246 M 247 M
Capi. / Sales 2020 0,27x
Capi. / Sales 2021 0,26x
Nbr of Employees 9 854
Free-Float 88,9%
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Technical analysis trends INTERNATIONAL PERSONAL FINANCE PLC
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Average target price 146,75 GBX
Last Close Price 81,20 GBX
Spread / Highest target 140%
Spread / Average Target 80,7%
Spread / Lowest Target 35,5%
EPS Revisions
Managers and Directors
NameTitle
Gerard Ryan Chief Executive Officer & Executive Director
Stuart William Sinclair Chairman
Justin Ashley Lockwood Chief Financial Officer & Executive Director
Richard Moat Senior Independent Non-Executive Director
Cathryn Elizabeth Riley Independent Non-Executive Director
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