Paragon pre-tax profits fall 39%

Pre-tax profits for the six months to 31 March 2008 were £26.4m, down from £43.3m in the first half of 2007. Underlying profits were £38.4m to 31 March, while H1 2007 saw underlying profits reach £40.2m. However, arrears are low and stable, while the firm’s entire £11bn portfolio is match funded to maturity. The value of completions has fallen significantly since the first half of 2007, down from £2.12bn to just £987.6m. The firm has reinstated its dividend to 1p per share, compared with 8p per share in the first six months of 2007. Paragon has fully completed its £287m rights issue and...