Cleardebt announces spike in profits

DEBT management firm ClearDebt saw its sales rise by 15% to £4.5m in the six months to the end of 2011 (2010: £3.9m), while pre-tax profits climbed 99% to £451,648 (£227,219).

The company also said that it expected growth to continue "for the foreseeable future" given the ongoing high levels of personal debt in the UK.

The Timperley-based company increased the number of new IVAs it secured during the year to 833 (731), bringing the total number under its management to 6,111 (5,156).

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