TIDMLIV2 TIDMLIV1
RNS Number : 0087C
LendInvest Secured Income
15 June 2021
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SEE "IMPORTANT INFORMATION" BELOW
15 June 2021
LENDINVEST SECURED INCOME PLC
AUDITED FINANCIAL STATEMENTS OF ITS PARENT, LENDINVEST
LIMITED
LendInvest Limited ("LendInvest"), the ultimate holding company
of LendInvest Secured Income plc (the "Company"), the leading asset
manager, has published its audited financial statements for the
twelve months to 31 March 2021.
The Company has delivered those audited financial statements to
U.S. Bank Trustees Limited, as trustee of the GBP500,000,000 Euro
Medium Term Note Programme of the Company.
Rod Lockhart, Chief Executive Officer of LendInvest,
commented:
"It's undeniable that the past year brought with it a unique set
of challenges. Despite this backdrop the business has continued to
go from strength to strength, reporting yet another year of
milestones and delivering an impressive set of results, with
Adjusted EBITDA increasing by almost 200% for FY20/21.
I'd like to thank the whole team for their hard work and
commitment during such an extraordinary time. Our business has
great momentum, coming through the pandemic stronger than ever
after having demonstrated the resilience of our assets, the
strength of our tech-enabled platform and our determination to
always go the extra mile for our stakeholders. The opportunity in
front of us is significant. We will continue to further leverage
our platform to target other attractive segments of the market and
grow our pool of investor capital. We are looking ahead with
excitement and confidence."
Financial Highlights
Year ended 31 March
GBP million (unaudited) FY 21 FY 20 % change
------------ ------------ ---------
Platform AuM ([1]) GBP1,573.3 GBP1,256.7 25%
------------ ------------ ---------
Platform revenue
([2]) GBP118.2 GBP108.4 9%
------------ ------------ ---------
Gross profit GBP37.6 GBP30.3 24%
------------ ------------ ---------
Adjusted EBITDA ([3]) GBP12.1 GBP4.1 195%
------------ ------------ ---------
Business highlights:
- Announced GBP625m separate account partnership with J.P.
Morgan to support Buy-to-Let product growth
- Partnered with the British Business Bank to become an accredited CBILS lender
- Priced its third securitisation of Buy-to-Let loans for
GBP280m. The transaction was oversubscribed, and achieved the
tightest spread on an UK BTL RMBS deal since 2007
- Operated without disruption throughout Covid-19 due to cloud-based infrastructure
- Platform AuM of Buy-to-Let increased to over GBP1billion as at 31 May 2021
- Developed new end-to-end broker portal for Bridging product
- The company has begun discussing a potential IPO with
institutional investors, but all options remain open
Highlights - LendInvest Secured Income plc:
- Weighted average interest coverage ratio of 183% and 194% on
series 1 and series 2, respectively
- Weighted average LTV of 62% and 64% on series 1 and series 2, respectively
- 51% and 46% located in London in series 1 and series 2, respectively
- 92% and 96% first charge loans in series 1 and series 2, respectively
- Total assets (loans plus cash) of GBP54.2m and GBP61.6m for
series 1 and series 2, respectively ([4])
To review LendInvest's Annual Report for the year ending 31
March 2021, please visit:
https://docs.lendinvest.com/web/public-pdfs/full-year-financial-results-for-lendinvest-ltd-june-2021.pdf
For further information, please contact:
Leigh Rimmer
leigh@lendinvest.com
+44 (0)203 846 6817
IMPORTANT INFORMATION
This announcement is released by LendInvest Limited and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), encompassing information relating
to the bond programme mentioned above. For the purposes of MAR and
Article 2 of Commission Implementing Regulation (EU) 2016/1055,
this announcement is made by Rod Lockhart, CEO for LendInvest
Limited.
The distribution of this announcement and other information in
connection with any offer in certain jurisdictions may be
restricted by law and persons who come into possession of this
announcement or any document or other information referred to
herein should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any
jurisdiction.
This document contains statements that are, or may be deemed to
be, 'forward-looking statements' with respect to the financial
condition, results of operations and business of the Company or of
LendInvest Limited (or its group) and certain of the plans and
objectives of the Company, LendInvest Limited and its group with
respect to these items. Forward-looking statements are sometimes,
but not always, identified by their use of a date in the future or
such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will',
'would', 'should', 'expects', 'believes', 'intends', 'plans',
'projects', 'potential', 'reasonably possible', 'targets', 'goal',
'estimates' or words with a similar meaning, and, in each case,
their negative or other variations or comparable terminology. Any
forward-looking statements in this document are based on the
current expectations of the Company, LendInvest Limited and its
group (as applicable) and, by their very nature, forward-looking
statements are inherently unpredictable, speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance and no assurances can be given that the forward-looking
statements in this document will be realised. There are a number of
factors, many of which are beyond the control of the Company,
LendInvest Limited and its group, that could cause actual results,
performance and developments to differ materially from those
expressed or implied by these forward-looking statements. These
factors include, but are not limited to: the Risk Factors disclosed
in the Company's Base Prospectus dated 19 OctoberJuly 2017 (which
have not been updated since the date of its publication); changes
in the economies and markets in which the group operates; changes
in the regulatory and competition frameworks in which the group
operates; the impact of legal or other proceedings against or which
affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements made in this
document or made subsequently, which are attributable to the
Company, LendInvest Limited or any other member of the group or
persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. No assurances can be
given that the forward-looking statements in this document will be
realised. This document speaks as at the date of publication. Save
as required by applicable laws and regulations, none of the
Company, LendInvest Limited or any member of its group intends to
update any forward-looking statements and does not undertake any
obligation to do so. Past performance of securities of the Company
cannot be relied upon as a guide to the future performance of
securities of the Company. Nothing in this document should be
regarded as a profits forecast.
This announcement does not constitute or form part of any offer
or invitation to sell, or any solicitation of any offer to purchase
any securities.
([1]) Platform AuM represent unaudited gross management accounts
loans and advances
([2]) Platform revenue represents unaudited gross management
accounts revenue
([3]) Adjusted EBITDA represents unaudited gross management
accounts EBITDA
([4]) LendInvest repurchased GBP7,315,000 in aggregate principal
amount of the Company's sterling-denominated 5.25 per cent. fixed
rate bonds due 10 August 2022. The aggregate principal amount of
the Bonds that remains outstanding on 7 April 2020 is
GBP52,685,000. The Bonds that were repurchased have been
cancelled.
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END
ACSUVVNRARUNAAR
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