StockMarketWire.com - International Personal Finance made a 'solid' start to 2019 despite a more challenging performance in Mexico as performance in European home credit was 'strong'.
Year-on-year, it delivered credit issued growth of 9% with continued top-line growth delivered by IPF Digital alongside modest growth in European and Mexico home credit.
At group level, credit quality and collections were stable and annualised impairment as a percentage of revenue came in at 26.6% for the quarter, in-line with Q1 2018.
Mexico credit issued growth was restricted to 3% amid a weaker macroeconomic environment and weaker than expected collections during Q1.
In Europe, the company 'made good progress against our strategy of improving the sustainability of our European home credit businesses,' which delivered credit issued growth of 2% year-on-year, ahead of the company's expectations.
The company saw an improvement in annualised impairment as a percentage of revenue to 16.3% compared with 19.0% in Q1 2018.
'The Group made a solid start to 2019 and our outlook for the Group in 2019 remains unchanged, the company said.
At 8:55am: [LON:IPF] International Personal Finance PLC share price was -3.8p at 182.6p
Story provided by StockMarketWire.com
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