- Debt actually went down, due to repayment of finance (264mil to 200mil).
- Both operating cashflow and investing cashflow seems to be better. Operating cashflow benefited from more repayments of factoring receivables. Still yet to determine if this is a good thing. Investing Cashflow benefited from sale of investments net of purchases.
- They are expected to be profitable in 2009, according to their description. I see it that companies are desperate for short term financing, and factoring arrangements are a source of how they do that. The management talked about increasing interest margins, something that comes along with higher risks that IFS takes.
A pretty decent set of results i would say, for a predominately small medium enterprise finance company.Below are the data computed by my Dividend Stock Tracker:
