18 April 2012 – Interim Management Statement

IPF have made an encouraging start to the year despite the impact of higher early settlement rebates and weaker foreign exchange rates. Customer numbers have grown by 9% and credit issued by 15%, on a slightly lower impairment charge of 26% (down from 26.6% in 2011). The first quater is always the weakest for IPF due to the seasonality of lending and loan repayments. Although the shares have come off  a bit since we recommended taking profits at 255p the stock can be very volatile and we believe there may be a more opportune moment to Buy.