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Paragon reveals results

Amanda Jarvis

May 23, 2006

Highlights include:

– Profit before tax increased by 16.4 per cent on a statutory basis to £39.0 million (2005 H1: £33.5 million) and by 13.0 per cent on a proforma basis (2005 H1 proforma: £34.5 million)

– Earnings per share increased by 26.9 per cent on a statutory basis to 28.8p (2005 H1: 22.7p) and by 23.6 per cent on a proforma basis (2005 H1 proforma: 23.3p)

– Interim dividend increased by 32.7 per cent to 6.9p per share (2005 H1 : 5.2p)

– Loan advances increased by 86.5 per cent to £1,525.0 million (2005 H1: £817.9 million)

– Buy-to-let loan advances increased by 111.4 per cent to £1,334.5 million (2005 H1: £631.4 million)

– Loan assets increased by 18.8 per cent to £7,232.9 million on a statutory basis (2005 H1: £6,087.0 million) and by 20.7 per cent on a proforma basis (2005 H1 proforma: £5,990.5 million)

– Record mortgage pipeline gives strong start to second half year

– Pension scheme deficit at 30 September 2005 eliminated by special contribution

– Share repurchase programme increased to £30 million

Jonathan Perry, chairman of Paragon, said: “The Group has had an excellent first half, with strong growth in profits and business volumes. We enter the second half of the year with the buy-to-let mortgage pipeline significantly higher than last year which, with a continued focus on cost and arrears management, leaves us confident that the Group will meet its business objectives for the year.”


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