Monday, personal debt resolution adviser Cleardebt Group Plc (CLEA.L), posted a pre-tax profit for the first-half over last year's loss, aided by significant growth in revenues from provision of Individual Voluntary Arrangements, or IVAs, and debt management solutions.
Profit before taxation for the first-half was £0.1 million, compared to loss of £0.58 million in the prior-year period. Profit for the period was £0.08 million or 0.03 pence per share compared to loss of £0.58 million or 0.19 pence per share last year.
Revenue for six-month period increased to £1.4 million from £0.8 million a year ago. Total number of IVAs approved for the period was 200, compared to 93 last year.
Chief Executive Officer David Mond, said, "The combination of the wider economy forcing more individuals into debt, our diversified and scaleable business model and crucially the realisation by the major lenders that a well-designed IVA is in their interests leads us to believe that prospects for further growth are encouraging for the foreseeable future."
Looking forward, the company said that it expects continued growth to the 2009 year-end, with its pipeline of new business and the number IVAs passed for the first two months of 2009 continuing to rise.
Currently, the stock is up 0.29 pence, trading at 1.65 pence on the London Stock Exchange.
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