Sign In
4 Jun 2019 07:00
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
THE INFORMATION CONTAINED HEREIN MAY ONLY BE RELEASED, PUBLISHED OR DISTRIBUTED IN THE UNITED KINGDOM, THE ISLE OF MAN, JERSEY AND THE BAILIWICK OF GUERNSEY IN ACCORDANCE WITH APPLICABLE REGULATORY REQUIREMENTS. THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, THE REPUBLIC OF IRELAND OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
SEE "IMPORTANT INFORMATION" BELOW
04 June 2019
LENDINVEST SECURED INCOME PLC
AUDITED FINANCIAL STATEMENTS OF ITS PARENT, LENDINVEST LIMITED
LendInvest Limited ("LendInvest"), the ultimate holding company of LendInvest Secured Income plc (the "Company"), the marketplace for property finance, has published its audited financial statements for the twelve months to 31 March 2019.
The Company has delivered those audited financial statements to U.S. Bank Trustees Limited, as trustee of the £500,000,000 Euro Medium Term Note Programme of the Company.
Christian Faes, Co-Founder & CEO of LendInvest, commented:
"LendInvest has notched up yet another year of profits, showing again that you can be a fast growth Fintech business, make a substantial investment in disruptive technology, and be a profitable business.
"We have made a big move into longer term lending with our Buy-To-Let product, and are taking market share from the banks with our product that is proving very popular.
"LendInvest continues to receive the backing of some of the world's leading financial institutions. In the last year we secured substantial investment from pension funds, global banks such as HSBC, and a fund set up by the European Investment Fund, which is in turn a part of the European Investment Bank Group.
"The UK mortgage market is dominated by banks which are slow moving, suffocated by ever changing regulation, legacy processes, and technology from the 80's. This £300 billion market represents a significant opportunity and it is LendInvest's mission to disrupt it.
"These results show that we are well on our way to building a business that is going to be a substantial player in the UK mortgage market in the years ahead."
Financial Highlights
Year ended 31 March | |||
£ million (unaudited) | FY 19 | FY 18 | % change |
Platform revenue* | £72.7 | £53.6 | 36% |
Profit from operations | £3.3 | £1.9 | 74% |
Platform EBITDA** | £4.0 | £2.2 | 82% |
Platform assets*** | £788.3 | £467.6 | 69% |
Business highlights:
- Continued successful execution of our technology-driven growth strategy, leading to more than £2 billion in cumulative platform originations to date
- New Buy-to-Let product well-received by the market; £127.9 million originated in the six months to 31 March 2019
- Continued growth in demand for our bridging and development products
- LendInvest's first homeowner loan product will launch in 2019
- New funding totalling more than £500 million secured from mixture of investors and financial partners, including £200 million funding line from HSBC to support the launch of the homeowner loan product
- 57% of platform originations for short-term loans were to borrowers who have used LendInvest before, demonstrating the benefit of our resilient customer-focussed model
- Continued investment in the advanced technology that sits at the heart of what we do
- Already driving operating leverage and profitability
Highlights - LendInvest Secured Income plc:
- Weighted average interest coverage ratio of 191% and 193% on series 1 and series 2, respectively
- Weighted average LTV of 64% and 66% on series 1 and series 2, respectively
- 52% and 45% located in London in series 1 and series 2, respectively
- 100% and 100% first charge loans in series 1 and series 2, respectively
- Total assets (loans plus cash) of £50.5 million and £41.37 million for series 1 and series 2, respectively
To review the full audited financial statements for the twelve months to 31 March 2019, please visit: https://www.lendinvest.com/wp-content/uploads/2019/06/Full-year-financials-for-LendInvest-Limited-June-2019.pdf
* Platform revenue represents unaudited gross management accounts revenue
** Platform EBITDA represents unaudited gross management accounts EBITDA
***Platform assets represent unaudited gross management accounts loans and advances
For further information, please contact:
LendInvest
Carmen Dixon / Leigh Rimmer
carmen@lendinvest.com / leigh@lendinvest.com
+44 (0)203 846 6817
Tulchan Communications
Jonathan Sibun / Matt Low
+44 (0)207 353 4200
IMPORTANT INFORMATION
This announcement is released by LendInvest Limited and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the bond programme mentioned above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Christian Faes, CEO for LendInvest Limited.
The distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons who come into possession of this announcement or any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any jurisdiction.
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to the financial condition, results of operations and business of the Company or of LendInvest Limited (or its group) and certain of the plans and objectives of the Company, LendInvest Limited and its group with respect to these items. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on the current expectations of the Company, LendInvest Limited and its group (as applicable) and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond the control of the Company, LendInvest Limited and its group, that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Risk Factors disclosed in the Company's Base Prospectus dated 19 October 2017 (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements made in this document or made subsequently, which are attributable to the Company, LendInvest Limited or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication. Save as required by applicable laws and regulations, none of the Company, LendInvest Limited or any member of its group intends to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of the Company cannot be relied upon as a guide to the future performance of securities of the Company. Nothing in this document should be regarded as a profit forecast.
This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any securities.
Follow the stocks
