3rd July '08 - Trust Deeds Player Announces Share Price Rise
Debt management company Invocas has seen its shares rise by 40 percent in a single day after announcing that its revenue for the financial year ending 31 March had risen to £9.88 million, up 16 percent on the previous year.
The company, which generates 85% of its revenue in the handling of Protected Trust Deeds , the Scottish version of Individual Voluntary Arrangements (IVAs), also announced that its pre-tax profits were down by 13% on the previous year.
Chief executive Steven Lightley commented on the company's current level of operations, "The number of trusts deeds in Scotland is down 10%, the number of IVAs in England down 20%. That does not in any way reflect the levels of personal debt, which are increasing all the time."
He added that his company had noted a change in the profile of its customers. "We are seeing an increasing number of white collar workers with reasonable incomes. The middle classes are starting to feel the pinch," he said.
The chief executive also said that he expected, that when they were released, the figures for June would be encouraging. "We anticipate that, in June, we will achieve a level of new trust deed cases signed that is greater than that achieved in June last year."
He also added, "This will be the first month for over a year in which this has been achieved."
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