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Paragon, which was reopened for the new company once, for the first time in three years in September, said a profit before tax for its last fiscal year of ￡ 71. 8 m, against ￡ 54. 3 m in 2009.

Profit increase was led by a continuous fall in lower impairment on the back of the arrears as well as gains on redemption of the debt of the company.

Nigel Terrington, Chief Executive, said the lender "excellent progress" and welcomed company securing ￡ 200 m of funding that allowed him to begin to make new mortgages.

"We fully expect that our new loan program will expand over time and will be complemented by increasing opportunities to acquire portfolios of loans and make new contracts for maintenance, says Mr. Terrington.".

Paragon has yet to make a new loan since the reopening of the new company, but Mr. Terrington said the company had received a lot of interest for mortgage brokers and complement soon on its first loan since late 2007.

Mr. Terrington expects to sell its first new securitization since the financial crisis next year agreement Paragon and said he thought that it would be possible to issue a link worth approximately 250 million from ￡ mid-2011.

"I want to go back on the securitization market and I think it is better to do something rather than to maintain communication about the possibility of doing something," he said.

Paragon financial results beat analyst expectations and broker Arden partners increased its price target on the part of society and maintained its recommendation "buy" on the shares.

Shares of Paragon closed until almost 6pc results back to 169 p, valuing the company more than 500 m ￡ .the final dividend for the year was confirmed to 3.6% in place of 3.3 percent in 2009 and will be paid on February 14.

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