5 Mar 2018 07:00
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 2018.
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 2016/2017.
The Group's lending performance for the period was as follows:
|
| 31 January 2018 |
| 31 January 2017 |
| % increase/ (decrease) |
|
| £m |
| £m |
|
|
|
|
|
|
|
|
|
Lending |
| 34.35 |
| 31.11 |
| 10.41% |
|
|
|
|
|
|
|
Loan book |
| 28.93 |
| 25.99 |
| 11.31% |
|
|
|
|
|
|
|
As a result of this increase in lending, interest income is expected to be higher than in the six months to 31 January 2017.
Orchard Funding Group will be announcing its interim results for the six-month period ended 31 January 2018 on 27 March 2018.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact
Orchard Funding Group PLC +44 (0)1582 635 507
Ravi Takhar, Chief Executive Officer
finnCap Limited (Nomad and Broker) +44 (0)20 7220 0579
Jonny Franklin-Adams (Corporate Finance)
Emily Watts (Corporate Finance)
Jeremy Grime (Research Director)
For Investor Relations please go to: www.orchardfundinggroupplc.com
Orchard Funding (ORCH)