Progressive publishes new research

RNS Number : 7380M

Distribution Finance Cap. Hldgs PLC

23 September 2021

 

Resumption of loan book growth DF Capital's (DFC) interim results confirm the trends highlighted in July's trading update with strong new business originations and low arrears levels. The accelerated stock turn and subsequent delays to stock replenishment saw DFC's loan book reduce to the previously announced level of £166m by the end of Q2 from £193m at the end of Q1. With growth now normalising as dealers restock, the loan book had increased to £194m as at 20 September. The Group has raised a further £120m of retail deposits during August and September to take the total to £280m and the announcement states that it is evaluating Tier 2 capital to support the Group's future loan book growth. With loan originations at record levels and a resumption in growth in the loan book, the Board continues to expect the group to reach run-rate profitability during Q4 2021 and our slightly upgraded estimates for the current financial year continue to reflect that. In all, we expect DFC to continue to benefit from the more supportive market backdrop and the significant lending opportunities.

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