REG - Distribution Finance - Trading Update and Notice of Results

Distribution Finance Capital HoldingsAnnouncement

18/03/2024 07:00

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RNS Number : 1141H  Distribution Finance Cap. Hldgs PLC  18 March 2024

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation (EU no. 596/2014) as it forms part of
UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended from
time to time).

 

18 March 2024

 

Distribution Finance Capital Holdings plc

("DF Capital" or the "Company" together with its subsidiaries the "Group")

 

Trading Update

and

Notice of Results

 

 

Distribution Finance Capital Holdings plc, a specialist bank providing working
capital solutions to dealers and manufacturers across the UK, provides a
trading update for the financial year ended 31 December 2023 and the year to
date.

The Group is pleased to announce that, due to prudent forecasting of credit
loss provisions at the year-end, unrelated to any provision for its RoyaleLife
exposure, and proactive operational cost control by management, it now expects
to report a pre-tax profit of approximately £4.4 million for the year ended
31 December 2023, ahead of the Board's prior expectations and more than triple
the outturn of £1.3 million for the prior year.

The Group is also pleased to report a positive start to the current year, with
its loan book, dealer facilities and credit limits continuing to grow
year-to-date. The Group's financial and operational performance is in line
with the Board's expectations for the year.

The Group also notes that, on 11 January 2024, the Financial Conduct Authority
("FCA") announced a far-reaching review into historical motor finance and
discretionary commission arrangements, where dealers, brokers and introducers
of finance transactions could increase the interest rate that a customer pays
to increase the commission they receive for the introduction. The Group has
not offered products or services that would fall within the scope of the FCA's
review, nor does it have commercial arrangements with dealers or brokers of
this type. Accordingly, the Group considers it is not impacted by the FCA's
current review.

Notice of Results

The Group expects to announce its audited results for the year ended 31
December 2023 on 9 April 2024.

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Karen D'Souza (Company Secretary).

 

For further information contact:

 Distribution Finance Capital Holdings plc
 Carl D'Ammassa - Chief Executive Officer                                  +44 (0) 161 413 3391
 Kam Bansil - Head of Investor Relations                                   +44 (0) 7779 229508
 http://www.dfcapital-investors.com (http://www.dfcapital-investors.com/)

 Investec Bank plc (Nomad and Joint Broker)                                +44 (0) 207 597 5970
 David Anderson

 Bruce Garrow

 Harry Hargreaves

 Maria Gomez de Olea

 Liberum Capital Limited (Joint Broker)                                    +44 (0) 203 100 2000
 Chris Clarke

 Lauren Kettle

 

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