News blog
ClearDebt Group
- BY: Andrew Hore |
- POSTED: 25/02/2011 |
IVA and debt management services provider ClearDebt Group more than doubled its underlying profit in the six months to December 2010.
Stripping out amortisation, share-based payments and one-off gains, the profit jumped from £344,000 to £935,000. Revenues were 75% higher at £3.97m.
Management sees no reason why the business should not continue to grow strongly for the rest of the year and further out. Personal debt levels remain high. The number of IVAs agreed in the first half jumped from 350 to 761 and in January the number rose from 20 to 77.
The pre-paid Mastercard ClearCash operation has issued 3,159 cards.
Management believes that it can supplement organic growth with a role as a consolidator in the sector. The December 2009 purchase of Relax Group’s IVA operations has been fully integrated.
At 3.4p a share, ClearDebt is valued at £10.5m.
Download the February edition of AIM Journal at http://www.hubinvest.com/AIMPDFFebruary2011_17.pdf
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