Buy-to-let and consumer finance lender Paragon Group of Companies has revealed a 32 per cent profits rise.

Solihull-based Paragon (PAG) has revealed pre-tax profits of £71.8 million for the year to September 30, compared to £54.3 million in 2009.

Its success has left the firm with a strong cash position, with free cash standing at £147.8 million, compared to £84 million this time last year.

Nigel Terrington, chief executive of Paragon, said: “The group has made excellent progress during the year, materially increasing profits, witnessing further growth in its new ventures and importantly securing funding to support the relaunch of new buy-to-let lending.

“We fully expect that our new lending programme will expand over time and will be complemented by increasing opportunities to acquire loan portfolios and take on new servicing contracts, all of which should provide the basis for continued growth in shareholder value.

“The group’s financial position is strong, leaving us well placed to deal with the economy’s uncertainties and to exploit the opportunities ahead.”