It added its IVA division "maintained its improved performance," while revenues at its debt management plan arm were "broadly stable." In the statement, Fairpoint said that during the year, it received an exceptional income of £3m relating to a VAT refund. In April, it secured a four-year £13m asset-based revolving credit facility with PNC Financial Services. Chief executive Chris Moat said: "As expected, the second half continued the momentum achieved in the first half, resulting in a strong performance for the year as whole, from both a profitability and cash generation viewpoint."