Debts.co.uk Announces £2.1m Proft
Debts.co.uk announces profits of £2.1m, half of which comes from IVAs
24th October 2006
Debt advice company Debts.co.uk have released their first set of results since floating on the AIM in May this year, announcing profits of £2.1m on the back of sales of £6.1m.
The figure represents a jump of around 62% over the previous year's figures, with annual sales rising by 79%.
Although the company also offers debt services including consolidation and bankruptcy advice, around half of its business involves Individual Voluntary Arrangements (IVAs) whereby customers can have their debts reduced by agreeing to repay a proportion of what they owe to creditors rather than the full sum.
Debts.co.uk say they are currently handling around 140 IVAs each month, but are expecting the figure to rise to 500 following a new advertising campaign.
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