Orchard Funding Group PLC Trading Statement (8092P)
February 22 2021 - 2:00AM
UK Regulatory
TIDMORCH
RNS Number : 8092P
Orchard Funding Group PLC
22 February 2021
22 February 2021
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 2021.
Trading performance for the period was in line with the Board's
expectations. Demand for funding has fallen across our markets,
leading to a decrease in lending over the equivalent half year in
2019/2020. The Group's lending performance for the period was as
follows:
31 January 31 January % increase/
2021 2020 (decrease)
GBPm GBPm
Lending 30.04 37.85 (20.63)%
Average loan book 27.61 33.07 (16.51)%
Both Barclays Bank plc and Conister Bank Limited have continued
to provide a line of credit of GBP17.0m and GBP2.0m respectively.
In addition, Toyota Financial Services (UK) PLC has provided the
Group with a limited facility to fund Toyota insurance products
only. The Board therefore considers it has adequate liquidity for
its projected lending in all its markets.
Revenue for the first half is expected to be broadly in line
with expectations, while costs have remained stable. Whilst the
Board is confident of the long-term prospects of the Group, it
remains mindful of the downward pressure on lending caused by
COVID-19, consequential lockdowns and ongoing economic uncertainty
in the second half.
Orchard Funding Group will be announcing its interim results for
the six month period ended 31 January 2021 on 9 March 2021.
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
For Investor Relations please go to:
www.orchardfundinggroupplc.com
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END
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