Chorley-based firm’s ‘double digit’ growth

Progress: Chris Moat of Fairpoint
Progress: Chris Moat of Fairpoint
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Chorley-based debt management group Fairpoint has issued a trading update on its financial year ended 31 December 2014.

The group said it expected “double digit growth in revenue and profitability”.

The Adlington-based group said results were expected to be in line with market expectations.

Chris Moat, Chief Executive Officer, commented: “The Group continues to make substantial progress in its diversification agenda and with double digit revenue and profit growth, performed in line with expectations in 2014.

“Our entry into the legal services market has started well and has enhanced profitability.

“In the second half, this new segment represented over forty percent of Fairpoint’s revenues and going forward, is a strong platform for further growth.”

The group also said Simpson Millar LLP, acquired in June 2014, delivered a strong performance in the second half, with growth in both revenue and profit margin

The debt management segment also grew strongly, largely as a result of successful acquisition activity during the year

The challenging market conditions in the IVA segment experienced in the past few years have continued as expected.

But the firm said it had successfully maintained profit margins, despite falling revenue compared to 2013.