Orchard Funding Group PLC - Luton, England-based professional fee funding provider - Pretax profit in the year that ended July 31 rises 79% to GBP1.9 million from GBP1.1 million a year prior. Net interest income grows 37% to GBP4.4 million from GBP3.2 million. Orchard declares a final unchanged dividend of 2 pence per share and proposes unchanged full year dividend of 3.0p per share. Looking ahead, the firm is cautiously optimistic despite new headwinds from a hampered economic outlook. Notes diversified balance sheet.
"We are partly insulated from the current high inflation 'cost of living' challenges as our core insurance products are mainly a non-discretionary purchase for our consumers. We will have a close watch for any increase in arrears and will continue to support our customers through any difficulties as far as possible," Orchard Funding says.
Current stock price: 47.90 pence, up 0.8% on Thursday
12-month change: down 13%
By Tom Budszus; tombudszus@alliancenews.com
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Orchard Funding (ORCH)