24 July 2012 – interim results

The group has produced pleasing interim results for the six months to 30 June, with a strong underlying trading performance.  Although adjusted pre-tax profits fell to £31.4m (2011: £35.7m) for earnings per share of 8.91p (2011: 10.13p), customer numbers have increased by 7.3% to 2.45m and the amount of credit issued during the period has also increased, rising by 12.2% to £409.3m at constant exchange rates.   The interim dividend was increased by 7.5% to 3.23p and the company has also announced a £25m share buy-back programme.  Although in the short-term, the markets in which the group operates are likely to remain challenging, especially in Europe, long term prospects remain good and the shares are a LONG TERM BUY.