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|Idem Capital's parent reports rise in profits|
|Wednesday, 23 November 2016|
Idem Capital’s parent company, the Paragon Group of Companies, announced its financial results for year ended 30 September 2016 today, reporting a 9.1% increase in underlying Group profits to £146.9 million.
During the year, Idem Capital, working in partnership with Paragon Bank, invested £208.8 million in loan portfolio acquisitions compared with £104.4 million in the twelve months to 30 September 2015.
Whilst the second half of the year saw vendors deferring transactions due to the Brexit referendum, activity has picked up again, with Idem Capital having invested over £65 million since the year end.
Asset performance continues to be strong. As at 30 September 2016 cumulative cash receipts in the Idem Capital portfolios totalled 109.0% of the values predicted at the point the loans were acquired (30 September 2015: 107.2%).
Dave Newcombe, Idem Capital Managing Director, said: “Activity in the debt purchase market remains high with UK based financial institutions continuing to dispose of both paying and non-paying consumer loans either as business-as-usual sales or through de-leveraging requirements.
“Whilst the majority of expected transactions had been put on hold over the Summer following the Brexit decision, a number of these have since come to market. We’re also seeing evidence of a strong pipeline of transactions expected to reach the market over the coming months, providing a solid platform for further investment.”
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