Fairpoint acquires Moneyextra

Fairpoint says the purchase marks its move into a broader based financial solutions business for financially stressed consumers. It says it expects the acquisition of financial product comparison website Moneyextra.com to increase non-Individual Voluntary Arrangements (IVA) revenues to around a third of Group revenues from the final quarter of the year. Fairpoint's share price was up 1.25p, or 1.64%, to 76.25p per share on the news at around 10am. In March in its preliminary results, Fairpoint outlined a strategy to generate 20% of revenues and gross profits in the 2010 financial...