ClearDebt Group (LON:CLEA) said that individual voluntary arrangements (IVAs) passed in September 2010 reached a record high for the company of 138 cases, while the number of total cases more than doubled in the first quarter.
The news triggered a buying spree, driving ClearGroup shares up 25% by midday.
The total number of IVAs reached 355 in the first quarter, an increase of over 100% from 176 cases a year ago.
Last month, the group released its annual results, which showed revenues of £6.6 million compared to £3.4 million in 2009, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed from £0.7 million to £2 million.
ClearDebt stated that it would keep on exploring acquisition opportunities, whole organic growth would continue due to prevailing socio-economic conditions and successful operational development.
“The IVA market has continued to grow strongly and ClearDebt has substantially increased the numbers of IVAs it has dealt with and continues to outperform the growth rate in the wider market as we continue to increase market share,” said chief executive of ClearDebt David Mond.
“Given the current economic outlook in the UK, with unemployment showing no signs of falling, together with further tax rises and public sector cuts to come in the short to medium term, I believe the Group is well placed for another highly profitable and successful year - without any further acquisitions,” Mond said last month.
The group arranged a total 799 IVAs in full financial year 2010.