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Urban Exposure provides year end update

By BFN News | 08:17 AM | Tuesday 31 December, 2019


Property market lender Urban Exposure has announced it has completed new committed lending of £498m during the year ending 31 December 2019 and therefore has now committed in excess of £1bn of new lending since admission to AIM in May 2018. A further £268m of loans are in the advanced stages of execution and are expected to close in Q1 2020, having been delayed from closing in Q4 2019 principally due to the impact of political and economic uncertainty. The company says that due to the drawdown profile of these loans the impact of this delay on 2019 revenue is expected to be negligible. Urban Exposure has an additional pipeline of loans going into 2020 of c.£686m. It is expected that operating costs for 2019 will be lower than previously anticipated principally due to reduced staff costs arising from both lower variable remuneration costs and hiring fewer people than previously budgeted. Going forward, the company expects to reduce its operating cost base to c.£9.5m for 2020 which it expects will support the profitability of the business in 2020. At 8:17am: (LON:UEX) Urban Exposure Plc Ord Gbp0.01 share price was +2.5p at 70p Story provided by StockMarketWire.com

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