(Alliance News) - Orchard Funding Group PLC said Friday that it traded ahead of management expectations in the first half of its financial year, due to higher demand for funding.
For the six months that ended January 31, the Luton, England-based professional fee and insurance premium funding provider said lending increased 27% to GBP38.2 million from GBP30.0 million a year prior.
Orchard's loan book grew by 21% to GBP33.5 million from GBP27.6 million a year before. As a result of this, the company expects revenue for its current financial year to exceed prior expectations, leading to an uplift in profitability.
Orchard Funding will publish its interim results on March 29.
Shares in Orchard Funding were up 3.8% at 53.97 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Orchard Funding (ORCH)