Trading Statement
March 26 2003 - 5:51AM
UK Regulatory
RNS Number:2169J
Paragon Group Of Companies PLC
26 March 2003
THE PARAGON GROUP OF COMPANIES PLC - Trading Update
The Paragon Group of Companies PLC will shortly be meeting analysts ahead of its
close period for the half year ending 31 March 2003. The following is an update
of the trading position of the Group ahead of the end of the half year.
The Directors are pleased to report that trading remains in line with our
expectations. Business volumes are significantly ahead of the corresponding
period last year and, recognising the continuing economic uncertainties, we have
maintained our focus on higher quality lending areas. This remains central to
our strategy and has resulted in strong growth in our buy-to-let and secured
personal loan businesses.
The popularity of Paragon Mortgages as a specialist lender in the buy-to-let
sector is evidenced by substantially increased advances compared to the first
half last year. In addition the level of pipeline business has remained high
during the period, which augurs well for lending volumes in the second half of
the financial year. The performance of this portfolio remains exemplary.
Within the consumer finance division the Group's focus on more defensive product
areas has resulted in strong growth within our secured personal lending business
and in a further reduction in unsecured lending. Across our portfolio we have
seen no deterioration in credit quality.
The focus on operating costs and process efficiency continues and a further
improvement in the cost to income ratio is expected for the half year.
The Board of Directors intends to announce the interim results for the six
months ending 31 March 2003 on 20 May and a full report on the progress achieved
by the Group will be issued at that time.
For further information, please contact:
Nigel Terrington, Chief Executive
Nick Keen, Finance Director
The Paragon Group of Companies PLC
Tel: 0121 712 2024
or
Justin Strong
The Wriglesworth Consultancy
Tel: 020 7620 2228
Mobile: 07765 253 676
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTBGGDXCSDGGXL