15 Jul 2020 13:17
PRESS RELEASE
Non-Standard Finance plc
('NSF', the 'Company' or the 'Group')
15 July 2020
Trading update
In June 2020, overall basic collections (before settlements) were at 89% of the average level in January and February 2020 with a particularly strong performance in home credit. The Group generated net cash of £11.9m in the month and so had cash balances of £72.2m at the end of June 2020. Lending in all three divisions is continuing to build using our revised scorecards and this is reducing the rate of decline in the overall loan book. Application volumes have been strong and whilst we remain cautious on lending we have been encouraged by the steady increase in lending volumes over the past two months and, based on the current trajectory, expect that the overall loan book should stabilise during the fourth quarter of 2020.
Following the impact of COVID-19, discussions with the Group's lenders remain positive and we aim to reach a conclusion over the coming weeks. At the same time, meetings with investors have been encouraging regarding a possible equity raise to both strengthen the Group's balance sheet and enable the Company to capitalise on any increase in demand for its services as mainstream lenders tighten their lending criteria.
For more information:
Non-Standard Finance plc Peter Reynolds, Director, IR and Communications | +44 (0) 20 3869 9026 |