Moneybarn’s new business volumes were up 88% year-on-year in the first half of 2015, parent company Provident Financial revealed in its interim results for the six months ending 30 June 2015.
Adjusted profits before tax were up to £9.4m for the period, which Provident said was ahead of internal plans.
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The company also said default rates were stable, and that Moneybarn had a risk-adjusted margin of 24.6%.
Peter Crook, chief executive of Provident said: "The progress of the Moneybarn acquisition is very encouraging with growth in new business volumes and profits running ahead of our internal plans."
Provident acquired Moneybarn in the second half of 2014. At the time Crook told Motor Finance: ""We envisage that the integration will be straightforward, and assisted by the highly capable management team at Moneybarn remaining in position to run the business day-to-day. We also see multiple potential opportunities for synergies with existing Provident Financial businesses including enhancements to underwriting and collections capabilities and the leveraging of Vanquis’s customer base."
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