Fairpoint trading up

Chris Moat, chief executive of Debt Free Direct
Chris Moat, chief executive of Debt Free Direct
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A Lancashire debt advice group has said its earnings will be “substantially ahead” of last year.

Fairpoint Group, which is based in Adlington, near Chorley, said its claims management services arm had “contributed strongly” to revenues and profits.

The group’s core Individual Voluntary Arrangement (IVA) services and debt management plan products all performed well despite subdued market conditions.

Chief executive Chris Moat said: “As expected, the second half continued the momentum achieved in the first half, resulting in a strong performance for the year as whole, from both a profitability and cash generation viewpoint.”

It said its IVA products “maintained improvement” with the performance in its debt management plan division remaining “broadly stable.”

In a trading update on Friday, the group revealed it received a £3m VAT refund boosting its net cash to £1.6m at the end of 2012, compared with £6.4m the previous year.