21 May 2019 07:00
Non-Standard Finance plc
(the 'Company' or the 'Group')
2019 Annual General Meeting
Trading Statement
21 May 2019
Ahead of the Company's Annual General Meeting to be held later today, the Group has made the following statement:
Trading update
The Group has seen continued strong loan book growth since the start of the year. At the same time there has been a further year-on-year reduction in the overall rate of impairment and as a result, the Board remains optimistic about the full year outlook.
Having already opened all seven of the new branches scheduled for this year, Everyday Loans has continued to enjoy strong loan book growth through a network of branches that now total 73 compared with 36 when we acquired Everyday Loans in 2016. In guarantor loans, the recent trends in loan book growth have also continued whilst Loans at Home has seen a modest increase in risk adjusted margins as we improve the mix of lending towards shorter-term loans which also reduces the total cost of credit for customers.
The Board wishes to thank all employees and self-employed agents for their continued dedication and focus on delivering great outcomes for our customers over the past year.
Offer for Provident Financial (the 'Offer')
Having declared the Offer unconditional as to acceptances on 15 May 2019, we are continuing to engage with Provident Financial shareholders that have yet to accept our Offer and are also working towards satisfying all of the other outstanding Offer conditions.
This is an exciting moment for our Company. We have a clear transformation plan for the enlarged Group and are ready to start work on implementing it so that we can start to build a brighter future for all stakeholders.
For more information:
Non-Standard Finance plc Peter Reynolds, Director, IR and Communications | +44 (0) 20 3869 9026 |
This announcement is not intended to and does not constitute or form part of any offer to exchange or subscribe for or any invitation to exchange or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer is made solely pursuant to the terms of the offer document published by the Company on 9 March 2019 (the 'Offer Document'), which contains the full terms and conditions of the Offer. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in the Offer Document. The contents of this announcement are not to be construed as legal, business, financial or tax advice. This announcement does not constitute a prospectus or prospectus equivalent document.