News

Restructuring charges hit Fairpoint

09 September 2008 14:56:00

Debt consultant Fairpoint announced "disappointing" first half results as it slipped into the red, after a chunky charge for restructuring costs.

Revenue in the first half of 2008 eased to £13.9m from £14.2m a year earlier, with gains in revenue from debt management services more than offset by a decline in income from IVA and financial services.

The company took a £1.3m hit on restructuring costs which pushed it into the red at the pre-tax stage, with last year's profit of £2.3m turned into a loss of £0.8m.

Matthew Peacock, who has just assumed the role of chairman following the retirement of Michael Blackburn, says fortunes are looking up since the appointment of Chris Moat as chief executive officer in May with improvements in IVA conversion rates seen in the last three months.


Full year expectations are in line with previously indicated expectations, with the company enjoying a favourable trading environment in which a growing number of consumers require advice on debt management.

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