Orchard Funding Group PLC Trading Statement (9769Y)
August 29 2018 - 1:00AM
UK Regulatory
TIDMORCH
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:
% increase/
31 July 2018 31 July 2017 (decrease)
GBPm GBPm
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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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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