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(Alliance News) - Distribution Finance Capital Holdings PLC shares edged higher on Tuesday, after it reported higher annual revenue and profit.
Shares in the Manchester, England-based specialist bank were up 5.8% to 23.80 pence each in London on Tuesday afternoon.
In 2023, revenue more than doubled to GBP60.4 million from GBP26.8 million a year earlier.
Pretax profit surged to GBP4.6 million from GBP1.3 million.
The company's loan book surged 32% to GBP581 million from GBP439 million.
Looking ahead to 2024, Distribution Finance Capital expects financial performance for the full year to be in line with expectations, targeting a year end loan book in the range of GBP650 million to GBP700 million.
Chief Executive Carl D'Ammassa commented: "We are delighted to have delivered another year of significant financial momentum and sustainable profitable growth, culminating in more than a threefold increase in profit. 2023 has been a year of significant progress for us."
"We have started 2024 well and see opportunities for further growth in our core lending product as well as new product adjacencies. Becoming a multi-product lender underpins our strategy to scale the bank and achieve mid-to-high teen returns over the medium term."
By Sophie Rose, Alliance News senior reporter
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