REG - Inspired Capital PLC - Trading Update <Origin Href="QuoteRef">INSCI.L</Origin>

InspiredAnnouncement

28/01/2015 01:25

RNS Number : 4729C
Inspired Capital PLC
19 January 2015
19 January 2015 
Inspired Capital plc
("Inspired" or the "Company")
Trading update
Inspired Capital plc, (AIM: INSC), a leading provider of customer-focused financial solutions to SMEs,is pleased to provide a trading update for the year ended 31 December 2014.
Market demand for all products was strong with particular interest in invoice finance. 
Key metrics:
31 December 2014*
30 June 2014*
31 December 2013
Annualised Growth %* 




H2
H1
Full year
Number of clients
1,323
1,085
971*
43.8%
23.5%
36.3%
Loans and other receivables
66.9m
48.6m
41.6m
75.3%
33.7%
60.8%
*Unaudited
Inspired has increased its number of clients by 36.3% to 1,323 and increased the total loans and other receivables by 60.8% to 66.9m, in comparison to 31 December 2013. The rate of growth accelerated rapidly in the second half compared to the first half of the year.
The growth rates reflect strong performance particularly in the core invoice discounting/factoring business as well as the continued growth of the Asset, Trade and Construction Finance divisions. The significant increase in the sales force is a primary contributor to the acceleration in growth of the loan book. Credit policy remains unchanged during this period of growth.
Inspired has secured increases in funding through debt facilities during the year - the back to back facility with Lloyds Banking Group has been increased to 50m and a debt facility of 7m has been agreed with Hendersons. A further facility with another lender of 25m has been agreed subject to completion of legal documentation which is expected to be completed in early 2015. The Board will provide a further update on the financing of the loan book at the time of the final results in April 2015. 


Matt Cooper, Chairman of Inspired, commented: "We are delighted with the progress that has been made over the past 12 months. Inspired Capital's journey has begun. We are confident in our ambitions for significantly growing our business and our strategy is being successfully implemented in order to achieve this."
Brian Cole, Chief Executive of Inspired, commented: "The step change in annualised growth rates in the second half of the year is very encouraging and demonstrates traction with our strategy is already being achieved. This puts us in a strong position to look forward to 2015 with confidence."
For further information please contact:
Inspired
Matt Cooper, Chairman
Brian Cole, Chief Executive Officer
David Blain, Chief Financial Officer
+44 (0) 7721 978 218
Cenkos Securities
Max Hartley (Corporate Finance) 
Julian Morse (Sales)
Oliver Baxendale (Sales)
+44 (0) 20 7397 8900


Newgate Threadneedle
Tim Thompson
Jasper Randall
+44 (0) 20 7653 9850
About Inspired Capital plc
Inspired Capital is building by organic growth and acquisition a new customer-friendly force in SME lending by deploying long term capital. There is an opportunity to grow considerably in an underserved sector, with SMEs traditionally finding credit difficult to access from the major clearing banks that often focus on the security and stability of retail and larger corporate lending.

This information is provided by RNS
The company news service from the London Stock Exchange
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