Year ended 31 December 2011
-
Good growth in customer numbers, credit issued and receivables
- 9% growth in customers to 2.4 million, 12% growth in credit issued and 11% growth in average net receivables
-
Profit before tax increased by 9% to a record £100.5 million (2010: £92.1 million(1))
- Continued strong progress despite £23.6 million of additional funding and early settlement rebate costs
- Revenue, net of increased cost of early settlement rebates of £13.3 million, increased by 7% to £649.5 million
- Credit quality improved: impairment as a percentage of revenue reduced by 1.8 percentage points to 25.8% of revenue
-
Strong operational performances
- Poland, our largest market, delivered excellent results increasing profit by 35% to £66.0 million
- Continued successful expansion in Romania, profit more than doubled to £4.1 million
- Much improved second half performance in Mexico
-
Strong cash generation
- Equity to receivables increased to 58.5%
- Balance sheet gearing reduced to 0.8 times
-
Return on equity increased from 22.2%(2) to 22.7%(2)
-
Earnings per share increased by 9% to 28.6 pence(2) (2010: 26.1 pence(3))
-
Proposed full year dividend increased by 13% to 7.1 pence per share
(1) 2010 excluding an exceptional charge of £3.9 million.
(2) Adjusted to a constant 28% tax rate.
(3) Adjusted to a constant 28% tax rate and in 2010 excluding an exceptional charge of £3.9 million.