Trading Update

RNS Number : 0967K

Manx Financial Group PLC

20 June 2014

 



For immediate release                                                                                                                            20 June 2014

Manx Financial Group PLC:

Trading Update 

Manx Financial Group PLC (LSE: MFX) (the "Group"), the financial services group which includes Conister Bank Limited ("Conister Bank" - the wholly owned regulated banking subsidiary); Conister Card Services Limited and Edgewater Associates Limited, anticipates publishing this year's Interim Financial Statements for 2014 during the last week of August 2014.

The Group's total assets have surpassed £100 million for the first time as of end April 2014 and anticipate that this figure will be maintained and exceeded for the remainder of the year. This is the highest figure in the history of the Group and marks a significant milestone in our continued growth. The outlook remains extremely promising and we expect to report a marked uplift in profit for the first six months of 2014 in relation to the comparable period last year.

We continue to extend Conister Bank's distribution network through its use of Integrated Wholesale Funding Agreements ('IWFA'). As part of this strategy, Conister Bank has entered into an IWFA with PayBreak Limited ('PayBreak') a digital non-bank lender. This Agreement will facilitate the provision of loans in the range of £100 to £1,000 to online consumers in the UK utilising a fully automated electronic process. Founded in 2010 and based in Manchester, PayBreak (www.paybreak.com) is a provider of consumer loans via online merchants. PayBreak's financial technology allows it to deal electronically with large volumes of low value loans as customers pass through the online checkout process.

In addition, Conister Bank is pleased to announce that, following a number of settlements, all remaining outstanding liabilities in connection with the Litigation Funding debtor have been fully collected, which will result in a further credit to the Group's Interim Income Statement for 2014. Conister Bank entered the Litigation Funding market at the end of 2001. Following a significant number of defaults, we ceased lending to this market in 2006 when the outstanding loan balance stood at £6.06 million. Since that date, and following certain counter claims, we have both been able to both successively reduce the provisions against these loans and vigorously pursue recovery by legal recourse wherever possible. As a result, the final legacy issue for Conister Bank has been resolved.

Finally, the Group anticipates making an announcement shortly with regard to a new joint venture focussing on insurance premium and asset backed finance for the UK professional business sector.

For further information, please contact:

Manx Financial Group PLC

Denham Eke/Juan Kelly

Tel [phone]

Beaumont Cornish Limited

Roland Cornish/Felicity Geidt

Tel [phone]

Britton Financial PR

Tim Blackstone

Tel + 44 (0) 7957 140416

 

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