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Orchard Funding Grp (ORCH)

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Wednesday 29 August, 2018

Orchard Funding Grp

Trading Statement

RNS Number : 9769Y
Orchard Funding Group PLC
29 August 2018
 

Orchard Funding Group PLC

("Orchard Funding Group", 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 year ended 31 July 2018.

 

 

Trading performance

 

Lending, revenue and profit before tax numbers are all expected to be significantly higher than 2017, with profit before tax expected to be in line with management expectations and revenue expected to be broadly in line with management expectations.

 

The Group's lending performance for the period was as follows:

 

 

 

31 July 2018

 

31 July 2017

 

% increase/

(decrease)

 

 

      £m

 

      £m

 

 

 

 

 

 

 

 

 

Lending

 

68.73

 

63.35

 

8.49%

 

 

 

 

 

 

 

 

Loan book

 

30.95

 

28.42

 

8.90%

 

 

 

 

 

 

 

 

Notice of Results

 

Orchard Funding Group intends to announce its final results for the year ended 31 July 2018 on 13 November 2018.

 

Group CEO, Ravi Takhar, said:

"I am very pleased with Orchard's performance during the year. We have continued to increase our lending and impact in our market. Despite aggressive competition from the leading market players, we are pleased to have maintained healthy margins in our core markets. During the year we have also developed market leading software to further enhance our product offering. We move into our new financial year with great confidence and fully expect to continue our growth trajectory. The banking application process is going according to plan and we remain hopeful of receiving the bank licence by the end of this calendar year."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information:

 

Orchard Funding Group PLC                                                            +44 (0)1582 346 248

Ravi Takhar, Chief Executive Officer

 

finnCap Limited (Nomad and Broker)                                              +44 (0)20 7220 0579

Jonny Franklin-Adams, Emily Watts (Corporate Finance)

Tim Redfern, Richard Chambers (ECM)

Jeremy Grime (Research Director)

               

For Investor Relations please go to: www.orchardfundinggroupplc.com

 


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