Distribution Finance Cap. Hldgs PLC Progressive publishes new research
April 21 2021 - 2:26AM
RNS Non-Regulatory
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Distribution Finance Cap. Hldgs PLC
21 April 2021
Good momentum as FY 2021E starts strongly
DF Capital's (DFC) FY 2020 results came from a challenging period, but also one of major progress,
and were predominantly in line with our expectations - albeit that the pre-tax loss was a
touch better than our estimate. Following the fundraising in January 2021, DFC is well-positioned
for growth and has started FY 2021E strongly. Our unchanged estimates reflect the potential
which the business has to grow its loan book substantially over the next three years, taking
advantage of the underserved small business lending market in the UK. We note management's
positive outlook comments and expect to see the Group achieve its target of a profitable monthly
run rate in Q4 of this year as its funding costs continue to benefit from a favourable deposit-taking
market environment. We continue to assume that operating expenses and the cost of risk remain
well controlled and look forward to further positive updates.
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