Progressive publishes new research

RNS Number : 8052Y

Distribution Finance Cap. Hldgs PLC

18 January 2022

 

Trading update - 2021 a transformational year Covid and supply chain uncertainty temper 2022 forecasts DFCH has published a trading update ahead of its December 2021 results publication in April. The update confirms that the operating model is proving highly effective. DFCH has had a record year for loan origination (£690m) and the 2021 loan book has more than doubled to around £250m, fully funded by retail deposits that stood at £295m at year-end 2021. Strong cost management and low arrears underpin our reduced pre-tax loss estimate of £4.1m. DFCH commented that whilst Covid-related supply chain issues are easing, the Board remains realistic about near-term loan book growth. We have therefore reduced 2022 estimates based on more moderated loan book growth which reduces average loan balances and pre-tax estimates. The Board continues to target full-year profitability for 2022.

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