According to International Personal Finance, or IPF, pretax profit in the first quarter fell significantly as a result of weak exchange rates and high prices.
IPF revealed that their profits, before tax, dropped to $9.7 million, while first quarter revenue fell as well.
“We have made an encouraging start to the year and are on track to perform well in 2012,” said Gerard Ryan, CEO. “The result for the quarter includes the impact of higher rebate costs and weaker foreign exchange rates, which are in line with previous guidance.”
Meanwhile, the company shares rose 4% to $3.92 in London, bringing the market value to over $100 million.
IPF is a leading home credit provider, working across the globe for over 130 years. The firm prides itself on its personal relationships, fast and flexible approach, and accessible loans.
According to their website, “Loans are arranged and delivered by our agents in the convenience of our customer’s home, at a time that suits them.”
They also consider themselves to be all-inclusive, stating: “Our customers are often not well served by banks. They may have no credit history and prefer to use cash. Our loans appeal to those who want smaller loans and manageable repayments.”