Paragon looks to buy as its profits take off

Buy-to-let mortgages specialist Paragon is still looking for new acquisition opportunities as it reported a rise in profits.

Paragon said operating profit for the quarter from October to December had risen by 12 per cent from a year ago to £20.3m. The company added that its loan portfolio was performing in line with expectations.

Paragon made several acquisitions in 2011, including the purchase of loan portfolios from credit-card firm MBNA and Royal Bank of Scotland, and said it would keep an eye out for more deals this year.

"Paragon's track record of loan servicing, risk management and portfolio investment positions it well to exploit similar opportunities," the company said.