Arbuthnot Banking Group PLC Pre Close Trading Update (6465Q)
February 21 2019 - 1:00AM
UK Regulatory
TIDMARBB
RNS Number : 6465Q
Arbuthnot Banking Group PLC
21 February 2019
21 February 2019
ARBUTHNOT BANKING GROUP PLC
Pre Close Trading Update
Arbuthnot Banking Group PLC ("Arbuthnot" or "the Group") today
issues a pre close trading update ahead of its final results
announcement for the year ended 31 December 2018 which is scheduled
for 28 March 2019.
The Group continued to make good progress in the fourth quarter
of 2018 and as a result expects to announce underlying full year
pre-tax profits in line with market expectations.
Additionally, the results will include a one-off adjustment
reducing the anticipated liability related to the management team
earn out for the acquisition of Renaissance Asset Finance ("RAF").
The adjustment is expected to be approximately GBP2.5m and will
therefore increase the reported pre-tax profits accordingly.
Regardless of the adjustment RAF continues to trade well and has
seen its customer loan balances increase by 21% during the
year.
The Group's other new ventures are also making good progress.
Arbuthnot Commercial Asset Based Lending division ended the year
with drawn balances of GBP25m and issued facilities of GBP43m,
having made its first loan in May 2018.
The Arbuthnot Specialist Lending business, which will focus on
providing short-term secured lending solutions to professional
property businesses and entrepreneurs, is currently undertaking a
soft launch and has had Credit Committee approval for its first
customer loan.
Arbuthnot Direct Deposit platform went live this week following
a successful pilot. This will enable our clients to access our
deposit products via this new internet platform with rates
advertised on "best buy" tables.
Thus the Group continues to grow and diversify its revenue and
funding sources following the sale of its majority investment in
Secure Trust Bank.
Enquiries:
Arbuthnot Banking Group 0207 012 2400
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
Stifel Nicolaus Europe Ltd trading as KBW (Nomad
and Joint Broker) 0207 710 7600
Robin Mann
Gareth Hunt
Stewart Wallace
Numis Securities Ltd (Joint Broker) 0207 260 1000
Stephen Westgate
Maitland
Sam Cartwright
Jais Mehaji 020 7379 5151
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END
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