Wednesday, May 28, 2008
Paragon financing buoyed by a £287m rights issue in the face of a 40% interim profit fall
FT: Paragon is 'stable' despite a first-half profit decline
Despite deterioration in the housing market Paragon Mortgages has announced a stable financial position in its latest interim results. In the results for the six months to 31 March this year, the company has announced a profit before tax of £26.4m compared with last year's interim result of £43.3m.The company will pay an interim dividend of 1p a share on 1 August, 7p a share less than was issued at the same time last year. HOW LONG BEFORE PARAGON MOVES FROM "STABLE" TO "INTENSIVE CARE"?
Posted by jack c @ 02:49 PM (327 views) Add Comment
2 Comments
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1. Rental John said...
Paragone!
2. uncle tom said...
I can't see how Paragon can survive, but the timing of their demise much depends on the attitude of the Inside Track (and similar) BTL suckers.
If the clowns with a dozen underperforming BTL off-plans realise they have no escape route from bankruptcy, they may elect to stop paying their mortgages, and stick as much rent under the mattress as they can before Paragon foreclose, in which event Paragon could fold very quickly.
I wonder how much the receivers will get for their mortgage book??