Cattles confident on 2008 outlook
Money lender Cattles has seen a strong start to the year and is confident in its prospects for the full year.
Cattles also said that it is confident of obtaining the remaining £100m of new debt funding which it requires to finance its 2008 business targets.
First-quarter trading has been in line with expectations, with demand for the group's consumer finance products continuing to be buoyant.
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However, Cattles said it is experiencing a lower level of early customer loan redemptions and although this has no significant impact on profit, it does mean additional cash is consumed.
"The group is achieving higher margins on its new lending volumes and has tightened its lending criteria. Ongoing investment in systems and arrears management infrastructure has ensured arrears and the loan loss ratio have remained stable," said chief executive David Postings.
"We look forward to the continued successful development of the businesses and view the group's prospects for 2008 with confidence," he added.
