International Personal Finance plc (LON:IPF) has announced its full-year financial report for the year ended 31 December 2025
Principal activity
International Personal Finance is helping to build a better world through financial inclusion by providing affordable credit products and insurance services to underserved consumers across nine markets.
Increased growth and strong strategic progress
Key highlights
| Another year of delivery |
| · Group pre-exceptional profit before tax of £88.6m1 (2024: £85.2m1), driven by strong operational delivery and continued progress against our Next Gen strategy. |
| · Final dividend of 9.0 pence per share proposed (2024: 8.0 pence), resulting in a full-year dividend of 12.8 pence (2024: 11.4 pence). |
| Increased growth underpinned by good demand, disciplined execution and robust credit quality |
| · Customer numbers up by 4.7% year on year to 1.7m, supported by robust demand and an expanded product set. |
| · Customer lending growth and closing net receivables increased by 11.8%2 and 13.9%2, respectively, with all three divisions delivering good growth. |
| · Robust credit quality and customer repayment performance across the Group delivered an impairment rate of 9.0% (2024: 9.6%), whilst absorbing higher up-front IFRS 9 impairment charges. |
| Strong funding and capital position |
| · Headroom on undrawn funding facilities and non-operational cash balances of £129m, provides significant capacity to support further growth. |
| · Equity to receivables ratio of 51% (2024: 54%) supports the Group’s growth plans whilst maintaining a progressive dividend policy. |
| Next Gen growth strategy driving scale and efficiency |
| · Nearly 200,000 customers are now enjoying the utility of ProviSmart credit cards in Poland, and a credit card pilot has recently been launched in Romania. |
| · Retail partnership credit now live in 1,700 offline and online stores in Romania and over 1,000 in Mexico.· Geographic expansion in Provident Mexico continues, with new branches opened in Monterrey and Ensenada. |
| · Following successful pilots of short-term loan products in Mexico and Poland, both countries have now moved into full roll-out. · An additional £5m per annum will be invested in new initiatives over the next two to three years to strengthen the Group’s medium-term performance. |
| Proposed acquisition by IPF Parent Holdings Limited (“BasePoint”) |
| · The Board has recommended BasePoint’s proposed acquisition of the Group at an increased final offer value, separately announced today, of 250 pence per share (inclusive of a 15 pence per share special dividend), representing a premium of approximately 40% to the closing price of 179.2 pence per IPF share on 29 July 2025, being the last business day prior to the commencement of the offer period. |
| Group key statistics | FY-25 | FY-24 | YoY change |
| Customer numbers (000s) | 1,729 | 1,652 | 4.7% |
| Customer lending (£m) | 1,342.0 | 1,214.5 | 11.8%2 |
| Closing net receivables (£m) | 1,061.3 | 870.0 | 13.9%2 |
| Pre-exceptional PBT (£m)1 | 88.6 | 85.2 | 4.0% |
| Statutory PBT (£m) | 85.3 | 73.3 | 16.4% |
| Pre-exceptional EPS (pence)1,3 | 26.3 | 24.9 | 5.6% |
| Full-year dividend per share (pence) | 12.8 | 11.4 | 12.3% |
| TNAV per share4 | 2.14 | 1.87 | 14.4% |
1 Prior to a pre-tax exceptional charge of £3.3m in 2025 and £11.9m in 2024 (see note 9 for details).
2 At constant exchange rates (CER).
3 Prior to an exceptional tax credit of £17.4m in 2024 (see note 9 for details).
4 Total net asset value (TNAV) per share is calculated as net assets (2025: £546.0m, 2024: £466.3m) less goodwill and intangible assets (2025: £76.5m, 2024: £59.7m) divided by the number of shares with voting rights (2025: 219.8m, 2024: 217.4m). The main driver of the increase in TNAV per share of 14.9% in the year relates to the £47m foreign exchange gain taken to reserves (approximately 80% of the gain).
Gerard Ryan, Chief Executive Officer at International Personal Finance commented:
“I am pleased with the Group’s performance in 2025. Our overarching aim for the year was to accelerate the pace of growth and change across the business, whilst delivering our Next Gen strategy. Our growth rate improved as the year progressed, reflecting good consumer demand, disciplined execution and improving momentum from our new products and distribution channels. All three divisions contributed to this progress, with growth in customer numbers, lending and receivables, and we aim to increase our investment in new products and channels to maintain this momentum. Customer repayment performance continues to be robust and credit quality remains well controlled.
This financial performance, together with our strong funding and capital position, has enabled us to continue investing in growth while maintaining a progressive dividend. Looking ahead, we entered 2026 with a solid balance sheet and a clear strategy to scale the business sustainably. I would like to thank our colleagues across the Group for their continued commitment and focus on fulfilling our purpose of building financial inclusion for our customers, which remains central to delivering long-term value for all our stakeholders.”
Alternative performance measures
This full-year financial report provides alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards. We believe these APMs provide stakeholders with important additional information on our business. To support this, we have included an accounting policy note on APMs in the notes to this financial report, a glossary indicating the APMs that we use, an explanation of how they are calculated and how we use them, and a reconciliation of the APMs we use to a statutory measure, where relevant.
