REG - Renovo Group Plc - AGM Statement <Origin Href="QuoteRef">RNVO.L</Origin>

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RNS Number : 3182J
Renovo Group Plc
11 June 2014 
 
11 June 2014 
 
Renovo Group plc 
 
("Renovo" or the "Company") 
 
AGM Statement 
 
At its Annual General Meeting (the "AGM") to be held at 2pm today, Matt
Cooper, the Chairman of Renovo (AIM: RNVO), a leading provider of
customer-focused financial solutions to SMEs, will make the following
statement: 
 
"The objective this year is to build our platform for future growth, and I am
pleased to report that we have made good progress in this respect, while
continuing to deliver solid revenue growth. 
 
One of the key successes to date has been the recruitment of an experienced
CEO, Brian Cole, who joined us on 1 May 2014. Brian has started a full review
of the business and strategy and is settling in well to the role. Branding,
marketing, technology and products are all areas being assessed as we seek to
transform the SME lending business model through a greater focus on technology
and marketing. Our intention is to develop a broader array of lending products
and provide alternative routes to access funding for SMEs. Renovo already has
new products being tested and initial results are positive with strong demand
from the market. 
 
Renovo believes itscustomer relationship management model of dedicated and
superior customer service can serve as a differentiator for more complex and
valuable client relationships. We are also taking the first steps toward more
technologically advanced and data driven underwriting decisions to improve
credit policy and boost approval rates.  We appointed a new Sales Director in
March 2014 and the recruitment of additional sales staff is underway. 
 
In summary, Renovo has added to the already strong Ultimate Finance team with
personnel key to augment our ambitious growth plans. In addition the expansion
of our product portfolio and the strengthening of our underlying
infrastructure is underway. We are making strong progress in building a new
customer-friendly force in SME lending and I look forward to updating
shareholders on further progress throughout the year." 
 
For further information please contact: 
 
 RenovoMatt Cooper, ChairmanBrian Cole, Chief Executive OfficerDavid Blain, Chief Financial Officer  +44 (0) 7721 978 218  
 Altium (financial adviser and nominated adviser)Paul LinesPhil AdamsAdam Sivner                     +44 (0) 845 505 4343  
 Panmure Gordon (broker)Adam PollockDominic Morley                                                   +44 (0) 20 7886 2500  
 Newgate ThreadneedleJohn ColesFiona ConroyCaroline Forde                                            +44 (0) 20 7653 9850  
 
 
About Renovo Group plc 
 
Renovo is building by organic growth and acquisition a new customer-friendly
force in SME lending by deploying long term capital. The Renovo Board believes
that 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. 
 
Renovo is working to transform the SME lending business model and platform
through a greater focus on technology and marketing, developing a broader
array of lending products and providing alternative routes to access funding
for SMEs at commercial rates which are accretive to the strategy. 
 
This information is provided by RNS
The company news service from the London Stock Exchange