INTERNATIONAL PERSON

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International Personal Finance : Doorstep lender International Personal Finance flags going concern risk

09/08/2020 | 02:48am

Doorstep lender International Personal Finance said on Tuesday there is a "material uncertainty" around its ability to continue as a going concern after posting a loss and given the upcoming maturity of a eurobond.

The UK-listed firm, which operates primarily in Central and Eastern Europe and Mexico, posted a pretax loss of 53.3 million pounds ($70.05 million) in the first half of 2020 after COVID-19 hampered its ability to collect loan repayments and forced it to significantly tighten its lending criteria.

The company said its collections have now improved and it is implementing a strategy to rebuild its business.

However, it has near-term funding issues with a 397 million euro (356.78 million pounds) eurobond due to mature in April 2021 and a need to renegotiate the terms of some of its loans.

"The need to refinance the 2021 Eurobond and obtain covenant amendments create a material uncertainty surrounding going concern," the company said.

It added that the board is confident the company will be able to refinance the bond, and that they have a reasonable expectation the group will be able to continue trading for the foreseeable future.

(Reporting by Rachel Armstrong; editing by Pamela Barbaglia)

© Reuters 2020
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