PARAGON Car Finance is 'on target' to double growth in its contract hire fleet, the firm has announced, as parent company Paragon Group revealed annual pre-tax profits were up more one third to £33.8 million from £25.1 million in 1998. Operating income, the equivalent of turnover, rose from £60.6 million to £68.1 million.

The car finance group reported strong growth in loans to £63.8 million for the year ended September 30 compared to £35.7m for the same period last year. Financial results are not split from the group's figures.