STOCK WATCH

■ ONE of the UK’s largest mortgage and loan providers has upgraded its guidance for the year on the back of record profits.

Paragon said profits soared 27.3pc to £105.5m last year.

The surge was driven by strong growth in lending, which rose 32.2pc to £1.49bn.

As a result, Paragon has hiked its share buyback programme to £75m from £50m and now expects its commercial and mortgage lending advances to increase. Shares rose 6.8pc, or 32p, to 502p.