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ClearDebt hopes for a boom in the gloom

kevin feddy
19/11/2008

DEBT advice business ClearDebt Group said it had `turned the corner' and expects to make progress during the economic crisis.

But the Timperley-based AIM-listed business is still loss-making. ClearDebt saw revenues rise from £421,000 to £1.87m in the 12 months to June 30, however operating losses widened from £695,000 to £1.13m, which chairman Gerald Carey said was `disappointing'.

Chief executive David Mond said he was `guardedly optimistic' about ClearDebt's prospects, adding that the company had signed up more than 1,100 mortgage brokers and financial advisers.

ClearDebt passed 247 individual voluntary arrangements in the year, up 21 per cent, and is running 2,500 debt management plans through its subsidiary, Abacus.

Mr Mond said: "With the number of IVAs and debt management plans growing, good pipelines and the current economic conditions, we have every reason to believe we will continue to be busy."