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Paragon Group reports 32% jump in pre-tax profits

Paragon Group of Companies, the parent company of Paragon Mortgages, has made a £71.8m pre-tax profit for the year ending September 30, 2010.

This represents a 32 per cent increase on the £54.3m pre-tax profit the year before.

Underlying profit increased by 46 per cent to £66.1m, up from £45.3m the year before.

The final dividend stood at 2.4p per share and the company has a net asset value of 234p per share.

Paragon, which returned to new lending in September for the first time since February 2008, says it is in a strong cash position, with free cash standing at £147.8m. Free cash stood at £84m the year before.

Paragon chief executive Nigel Terrington says: “The group has made excellent progress during the year, materially increasing profits, witnessing further growth in its new ventures and importantly securing funding to support the relaunch of new buy-to-let lending.

“We fully expect that our new lending programme will expand over time and will be complemented by increasing opportunities to acquire loan portfolios and take on new servicing contracts, all of which should provide the basis for continued growth in shareholder value. The group’s financial position is strong, leaving us well placed to deal with the economy’s uncertainties and to exploit the opportunities ahead.”

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