SHARES in debt advice group Fairpoint climbed eight per cent after the Chorley-based company said profits for the first half of 2009 would be ahead of last year.

It said its turnaround under chief executive Chris Moat was gathering momentum.

The shares gained 4p to 54p, adding £1.71m to Fairpoint's market value of £21.4m. Fairpoint, formerly known as Debt Free Direct, said its improved performance had boosted cashflow and it had significantly reduced its net debts, from £8.6m at the end of last year to £6.5m as of yesterday.

Profits are rising as Fairpoint generates leads despite lower marketing spending.