October 25, 2019
Mr. Clifton Cameron, Chairman, at the ISP Finance Services Limited Annual General Meeting, highlighted that the 2018 financial year was another successful year. According to Mr. Clifton Cameron the company’s portfolio growth was achieved by “aggressively diversifying its product offerings and creating new revenue streams.” Furthermore, Mr. Cameron, stated that, “the company also continue to invest in new and improved technologies and human resource development in order to support this thrust in an increasingly competitive environment.”
ISP posted revenue of $307 million, a rise of 6% year over year as the Company’s loan portfolio increased by 26% to $551 million from $438 million in the prior year. The Chairman commented that, “last year’s increase in expenses was a consequence of improving technology and staff in order to take on growth in the business.” ISP’s bottom line for FY2018 went down by 13% to $44 million relative to $52 million in 2017.
The Chairman added, ISP, “has seen the effects of the benefit of the growth in technology,” and continues to seek possible areas of target including Montego Bay, extending its client base island wide and, “broaden its footprint nationally through technology.” In regards to the Micro Credit Act that will be coming to the sector, CEO, Mr. Dennis Smith, mentioned that, “it will change the landscape in which everyone will have to operate to achieve growth by acquisition.”
Outlook:
- Expand product offerings in 2019
- Seek opportunity to grow its loan portfolio through either acquisitions or mergers including buying existing loan portfolios from other financial institutions.
- The company has engaged the services of an investment bank to structure any potential opportunities that may arise.
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