19th Sep 2006 07:01
Paragon Group Of Companies PLC19 September 2006 THE PARAGON GROUP OF COMPANIES PLC TRADING STATEMENT ----------------- The Paragon Group of Companies PLC will shortly be meeting with analysts aheadof its close period for the year ending 30 September 2006. The following is anupdate on the trading position of the Group ahead of the year end and followsthe Interim Results which were announced on 23 May 2006. The Board expects the results for the year to 30 September 2006 to be in linewith market expectations. Trading activity has remained strong throughout the second half of the financialyear, with the result that, for the year as a whole, lending volumes areexpected to be some 70% higher than the previous year. This lending growth isprincipally attributable to our buy to let businesses, where application flowsand completed loans are significantly ahead of last year. Activity in theconsumer finance businesses remains at similar levels to last year in accordancewith our expectations. The environment remains highly positive for the UK private rented sector. Recentsurvey data published by The Royal Institution of Chartered Surveyors showedboth strong tenant demand and rental increases at a record level, supportingcontinued investment by landlords. Lending statistics published by the Councilof Mortgage Lenders showed buy to let lending at record levels across the marketin the first half of 2006, some 20% above that of the second half of 2005. Paragon continues to capitalise both on this market growth and on thedevelopment of its lending brands, Paragon Mortgages and Mortgage Trust, withthe consequence that our share of the buy to let market has grown. The currenthigh level of pipeline business compared to this time last year providesconfidence that further growth will be achieved moving into the new financialyear. The Board of Directors intends to announce the preliminary results for the yearending 30 September 2006 on 22 November 2006 and a full report on the progressof the Group will be issued at that time. For further information, please contact: Nigel S TerringtonChief Executive - Telephone 0121 712 2024 or Nicholas KeenFinance Director - Telephone 0121 712 2060 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paragon Group