Last checked at 25 Feb 2020 07:00
25 February 2020
Orchard Funding Group PLC
("Orchard Funding Group" or the "Company" or the "Group")
Trading Update
Orchard Funding Group, the finance company which specialises in insurance premium finance and the professions funding market, provides the following trading update for the six months ended 31 January 2020.
Trading performance for the period was in line with the Board's expectations.
Demand for funding has led to an increase in our lending over the equivalent half year in 2018/2019. In addition to a Barclays Bank plc facility of £17m, Conister Bank Limited has continued to provide a line of credit of £2m to allow us to manage this demand.
The Group's lending performance for the period was as follows:
|
| 31 January 2020 |
| 31 January 2019 |
| % increase/ (decrease) |
|
| £m |
| £m |
|
|
|
|
|
|
|
|
|
Lending |
| 37.85 |
| 36.38 |
| 4.04% |
|
|
|
|
|
|
|
Loan book |
| 34.03 |
| 31.58 |
| 7.76% |
|
|
|
|
|
|
|
Revenue is expected to be slightly higher than in the six months to 31 January 2019, although costs have increased in line with expectations in connection with applying for a bank licence.
The Group is expecting to submit its bank licence application before the end of the April 2020.
The Group will be announcing its interim results for the six-month period ended 31 January 2020 on 23 March 2020.
For further information, please contact:
Orchard Funding Group PLC +44 (0)1582 346 248
Ravi Takhar, Chief Executive Officer
Liberum (Nomad and Broker) +44 (0)20 3100 2222
Neil Patel
Richard Bootle
Laura Hamilton
For Investor Relations please go to: www.orchardfundinggroupplc.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.