Orchard Funding Group PLC Trading Update and Notice of Results (9047P)
September 06 2017 - 1:00AM
UK Regulatory
TIDMORCH
RNS Number : 9047P
Orchard Funding Group PLC
06 September 2017
Orchard Funding Group PLC
("Orchard Funding Group" or the "Company" or the "Group")
Trading Update and Notice of Results
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
2017.
Lending, revenue and profit before tax numbers are all expected
to be significantly higher than 2016. Overall Group performance has
been sound and very much in line with management expectations.
The Group's lending performance for the year was as follows
(figures extracted from the unaudited accounts):
31 July 31 July
2017 2016 % growth
GBPm GBPm
Lending:
Broker finance
companies 42.66 32.79 30.10%
Direct insurance 7.35 2.53 190.51%
Professional funding 13.34 13.24 0.76%
Total lending 63.35 48.56 30.46%
Loan book:
Broker finance
companies 17.91 14.10 27.02%
Direct insurance 3.81 1.46 161.00%
Professional funding 6.70 6.23 7.54%
Total loan book 28.42 21.79 30.43%
Group CEO, Ravi Takhar, said:
"I am very pleased with Orchard's performance during the year.
We continue to do our best, despite strong competition and we
continue to increase our share of the large specialist finance
market we play in."
Orchard Funding Group intends to announce its final results for
the year ended 31 July 2017 on 17 October 2017.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
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 0500
Jonny Franklin-Adams
/ Emily Watts (Corporate
Finance)
Tim Redfern (Corporate
Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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