Fairpoint Group posted a loss of £1.6m after tax for the first half of 2011, after revenues were impacted by a fall in volumes and fees from Individual Voluntary Arrangements (IVAs). IVAs contributed £2.1m to the Group’s balance sheet in the first half of the year, an annual drop of £3.1m which assisted a fall in pre-tax profits to £0.0m, down from £2.6m in the corresponding period last year.

Fairpoint Group said it plans to reduce its dependency on IVA income by growing other revenue streams, in accordance with a trading update issued in May which anticipated the weakened financial performance. Chris Moat, chief executive of Fairpoint Group (pictured), said the firm’s main focus in the second half of this year will be the pilot and roll out of loanextra.com, its new short-term lending business. "We are growing our debt management business, largely through acquisition and have now launched.....Read more on this story----> Credit Today online