Fewer bad debts give Cattle's a 35% lift
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CATTLE'S Holdings, the consumer credit company that floated off its Rosebys curtain and linen subsidiary earlier this year, yesterday reported a 35 per cent increase in interim pre-tax profits to pounds 5.2m, writes Paul Durman.
The improvement was aided by reduced losses from the firm's hire purchase arm, which had fewer bad debts on loans. Edward Cran, Cattle's chief executive, said he expected the HP arm to repeat its first-half loss of pounds 300,000 in the second half, and to return to profit next year.
Profits from Shopacheck, the main door-to-door credit operation, rose 25 per cent to pounds 5.2m as it overcame the disruption caused by last year's acquisition of Compass Credit.
Shopacheck, some of whose working-class customers pay an APR as high as 100 per cent on unsecured loans, also benefited from a successful spring promotion of goods.
Profits from Rosebys, where Cattle's retains a 45 per cent stake, were virtually unchanged at about pounds 400,000. Its reduced contribution in future will mean Cattle's second-half growth 'cannot be expected to be at the same level as the first half', the group said.
Cattle's increased its interim dividend from 1.5p to 1.6p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments