Orchard Funding Group PLC Trading Update (9349D)
February 25 2020 - 2:00AM
UK Regulatory
TIDMORCH
RNS Number : 9349D
Orchard Funding Group PLC
25 February 2020
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 GBP17m, Conister Bank Limited has continued to
provide a line of credit of GBP2m to allow us to manage this
demand.
The Group's lending performance for the period was as
follows:
31 January 31 January % increase/
2020 2019 (decrease)
GBPm GBPm
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
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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.
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END
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