Shares of International Personal Finance Plc (LON: IPF), a sub-prime lender serving Central European countries, surged 25.88% higher today after announcing that it had won a £45 million tax rebate following a successful appeal against a 2008-2009 tax audit investigation in Poland.
The company said that it had already received the cash triggering the rally adding that debt collections were now near pre-COVID19 levels combined with an uptick in lending levels.
The lender generated net cash of £46 million in July up from the £42 million recorded in June.
Gerard Ryan, IPF's CEO said: “I continue to be very encouraged by the improving performance delivered in July. This has been driven by normalisation of agent service to our customers in the last two months, and I anticipate a continuation of our positive collection trends alongside progressive increases in new lending…”
IPF share price
IPF shares today surged 25.88% higher to trade at 74.9p having ended yesterday’s session trading at 59.5p.