Instant Finance says position sound

Personal loan providers Instant Finance today reported profit has doubled in the 12 months to 31 March.

The company said it achieved a net surplus after tax of $3.8 million for the year to March 2008 compared with $1.9 million for the previous comparable period.

Chief Executive Richard de Lautour said Instant Finance had performed well in a difficult market due to its "reputation for prudence and sound governance".

"I am satisfied with the result, given the challenging environment in which the company has been operating."

He went on to say Instant Finance is not unduly exposed to loans secured over motor vehicles sold at retail and has no exposure to the property market.

The company operates 18 branches in the North Island and employs 118 staff.