Orchard Funding Group PLC Trading Update (1874F)
18 3월 2022 - 4:00PM
UK Regulatory
TIDMORCH
RNS Number : 1874F
Orchard Funding Group PLC
18 March 2022
18 March 2022
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 2022 (the "Period").
Trading performance in the Period has exceeded the Board's
expectations. Demand for funding has risen on average across most
lending lines, with lending performance as follows:
31 January 31 January % increase/
2022 2021 (decrease)
GBPm GBPm
Lending 38.2 30.0 27.0%
Average loan book 33.5 27.6 21.2%
Towards the end of the previous financial year the Group
refinanced its borrowings. Toyota Financial Services (UK) PLC
provided the Group with a facility of GBP15.0m and Natwest Bank PLC
with GBP5.0m, making a total of GBP20.0m to be used for general
lending, of which GBP11.4m was in use at the end of the period.
Since the end of the Period, the Group has issued a five-year
bond, further bolstering liquidity. The Board therefore considers
it has adequate liquidity for its projected lending in all its
markets.
As a result of this loan book momentum in Period, the Board
expects revenue for the year to exceed its prior expectations,
while Group costs have remained fairly stable and largely
unchanged. resulting in an uplift in profitability for the
year.
Orchard Funding Group will be announcing its interim results for
the Period on 29 March 2022.
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 3222
Neil Patel
Lauren Kettle
For Investor Relations please go to:
www.orchardfundinggroupplc.com
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END
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