Pre-tax profits up by 15.4% at Paragon Group

Pre-tax profits are up by 15.4% the Paragon Group has revealed in its yearly results, ending September 30 2003.

Including the effect of acquisitions, profits grew from £46m in 2002 to £51.9m in 2003. Britannic Money was purchased for some £18.8m, which Paragon reports is now operating at a

profit.

The company says that the outlook for the current year was “attractive”, and that trading continues to remain strong.

Jonathan Perry, chairman of Paragon, says: “The year ended September 30 2003 was a period of significant development for the Group, with the strong organic growth of core business divisions being augmented by the acquisition of Britannic Money.

“The combined business provides a strong base for further development in a sector which has excellent long-term growth prospects.”