15 Jun 2021 07:00
Non-Standard Finance plc
('NSF' or the 'Group')
15 June 2021
Notice of publication of 2020 full year results and trading update
The Board of NSF announces that it will publish the results for the year ended 31 December 2020 on 30 June 2021.
The Board continues with the detailed work for a substantial equity capital raise which is expected to be in the region of £80m and is likely to be in the form of a placing and open offer, supported by our largest shareholder. This equity raise is dependent on reaching a conclusion to the discussions with the FCA regarding the proposed redress methodology for certain customers of the Group's Guarantor Loans Division. The Group is also undertaking a detailed exercise to determine whether there is any read across from this work to the Group's other divisions and also whether there are any implications from recent decisions at the Financial Ombudsman Service. Until this is complete, there can be no certainty as to the outcome, but the Board is currently planning for the capital raise to take place in the third quarter of 2021.
Since the trading update on 23 February 2021, the Group has seen a steady build of month-on-month growth in lending at branch-based lending and home credit which, combined with historically low rates of impairment, has meant that net receivables at both businesses are now returning to growth. In guarantor loans, net receivables have more than halved since their peak in March 2020 as a result of minimal lending, good collections and the write-off of COVID-impaired customer balances in the 2020 financial year.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. The person responsible for arranging the release of this announcement on behalf of Non-Standard Finance plc is Peter Reynolds, Director of IR and Communications.
Non-Standard Finance plc Peter Reynolds, Director, IR and Communications
| +44 (0) 20 3869 9020
|
Maitland/AMO Finlay Donaldson |
+44 (0) 20 7379 5151 |