Profits have risen by more than 12 per cent at buy-to-let lender Paragon Group of Companies.
Solihull-based Paragon Group (PAG) saw pre-tax profits rise to £80.8 million in the 12 months to September 30, compared to £71.8 million the year before.
Nigel Terrington, chief executive of Paragon, said new loans of £127 million were advanced and a strong pipeline of business was in place at the end of the year.
He said: “The performance of the group has been strong across the year, with great progress also evident in the delivery of valuable new opportunities.
“Through Idem Capital we have made a number of portfolio investments during the year and after the year end, all of which should be immediately earnings enhancing.
"Further, we have successfully re-established our buy-to-let new lending business and completed a securitisation of buy-to-let assets originated during the year, our first since 2007. This augurs well for a strong start to 2012.”
The group’s cash position strengthened, with free cash standing at £195.0 million at the year end, compared to £147.8 million in 2010.
Shareholders’ funds stood at £742 million, compared to £692 million the year before.