Vector Capital PLC - London-based commercial lending group - Says loan book at March 31 was GBP48.6 million, down 9.0% from GBP53.4 million at December 31. Company says this reflects planned redemptions of GBP7.8 million and GBP3 million in new loans advanced. Average loan size decreased 4.6% to GBP476,000 at March 31 from GBP499,000 at December 31 and average loan to value at March 31 was 57%, down from 60% at December 31. Vector reiterated its full-year outlook, saying 2023 will be "a year of consolidation" as it seeks to strengthen its position in a lending market impacted by increasing interest rates and inflation. Says it will withstand these issues thanks to strong balance sheet, "excellent" relationships with brokers and continued support of lenders.
Chief Executive Officer Agam Jain says: "While at the margins some borrowers are struggling to adapt to the current market conditions, and transactions are generally taking longer to close, our pipeline of new loan opportunities is encouraging. We have the proven strength and resilience of the loan management systems, and the backing of our wholesale funders that underpins our ability to re-start the growth trajectory once interest rates stabilise."
Current stock price: 38.50 pence, up 2.7% in London on Monday
12-month change: down 19%
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Vector Capital (VCAP)