Orchard Funding Group PLC - Luton, England-based professional fee funding provider - Posts revenue of GBP3.8 million for the six months ended on January 31, up 30% from GBP2.9 million the year before. Pretax profit rises by 25% to GBP1.3 million from GBP1.0 million, as operating profit increases to GBP1.2 million from GBP998,000 the year before. Net total income increases to GBP2.9 million from GBP2.3 million. Declares an interim dividend of 1.0p per share, unchanged from a year prior. Looking ahead, it remains cautiously optimistic as the economic outlook shows "signs of improvement".
Chief Executive Officer Ravi Takhar says: "We have started the first half of the year positively and ahead of our original projections. Whilst our income continues to grow as a result of increased lending, our costs of borrowing are increasing significantly as a result of bank base rate increases."
Current stock price: 42.73 pence each, up 8.2% on Thursday around noon in London
12-month change: down 20%
By Xindi Wei, Alliance News reporter
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Orchard Funding (ORCH)