LendInvest PLC - London-based non-bank mortgage lender - Shares rise as its subsidiary LendInvest BTL Ltd completes the GBP5 million sale of its non-risk retention residual interest in the Mortimer BTL 2023-1 PLC securitisation. Says the transaction will result in a reduction in gross loans and advances of around GBP392 million, alongside a net pretax gain of around GBP12.1 million for its financial year ending March 31. In financial 2023, pretax profit ticked up to GBP14.3 million from GBP14.2 million the year before. In the first half of its financial 2024, LendInvest swung to a pretax loss of GBP15.1 million from a profit of GBP14.8 million a year earlier.
Chief Executive Officer Rod Lockhart says: "We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability."
Current stock price: 29.00 pence, up 7.4%
12-month change: down 63%
By Greg Rosenvinge, Alliance News senior reporter
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Lendinvest (LINV)