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International Personal Finance swung to a profit in the first nine months of the year, as cost cuts offset a fall in revenue.
For the nine months through September 2021, pre-tax profit was £9.8 million compared with a loss of £41.7 million year-on-year even as revenue fell 20.2% to £399.5 million.
'Lower impairment charges generated by strong collections and higher quality lending, together with tight control of costs, more than offset a reduction in revenue resulting from the smaller average size of the portfolio year on year,' the company said.