REG - Lendinvest PLC LendInvest PLC-LINV - Half-year Report
09/12/2024 07:00
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RNS Number : 3033P Lendinvest PLC 09 December 2024
9 December 2024
LendInvest plc
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Driving Strong Growth and Enhanced Efficiency in an Improved Market
LendInvest plc (AIM: LINV; the "Company" or the "Group"), the UK's leading
platform for mortgages, announces its unaudited results for the six months
ended 30 September 2024.
CEO's Statement (Rod Lockhart)
"As we pass the halfway mark of FY25, our results reflect good progress on our
key strategic objectives: growing lending, reducing costs, and bringing down
debt. These actions underpin our shift toward a capital-light, asset
management-oriented model, which allows us to drive stable, recurring
earnings.
We have made strides in lending, with volumes up by 30% to £539.1m, whilst
maintaining underwriting discipline. Operating costs have been reduced through
targeted efficiencies, including a shift of roles to Glasgow, which has opened
up access to a broader talent pool. Additionally, our efforts to reduce the
costs of our London office footprint will yield ongoing benefits in the coming
periods. We remain committed to improving the Company's financial strength and
debt reduced 29% year-on-year to £601.7m.
The strong performance of our Net Fee Income, which has increased by 71% from
£6.6m to £11.3m, is a key indicator of our progress toward more stable and
simplified earnings and is the major contribution towards returning to
profitability from an EBITDA perspective over the period. This growth reflects
our focus on delivering strong returns for our investors through a less
volatile, fee-driven revenue model. As we continue to grow our third-party
capital, we expect to increase this figure further, positioning LendInvest as
a scalable and resilient asset manager.
While recent performance - including achieving profitability in September -
has been encouraging, ongoing interest rate volatility, triggered by both
macro-economic and geopolitical uncertainty, could present headwinds in H2.
However, we are reassured by supportive UK Government measures aimed at
catalysing house building, improving energy efficiency and professionalising
the Buy-to-Let sector. As such, we remain cautiously optimistic about
achieving run-rate profitability during the rest of the year.
Overall, I am pleased with the significant progress we've made so far this
year. Our focus will remain on executing our strategy with discipline,
managing our growth carefully, and building a business that delivers
sustainable value for our investors."
Summary Financials
Unaudited 6 months ended 6 months ended Change
30 September 2024 30 September 2023
(restated)
Funds under Management (FuM) (£m)(1) 4,670.0 4,167.4 12%
Platform Assets under Management (AuM) (£m)(1) 2,945.1 2,695.1 9%
Proportion of AuM on Principal Investments 19% 31% (39%)
New lending (£m) 539.1 415.2 30%
Interest bearing liabilities (£m) (601.7) (853.3) (29%)
Net assets (£m) 56.4 67.5 (16%)
Net interest income (£m) 6.0 5.7 5%
Net fee income (£m) 11.3 6.6 71%
Net operating income (£m) 17.4 12.5 39%
Total operating expenses (£m) (19.1) (28.2) (32%)
Gain/(loss) in adjusted EBITDA(£m)(1) 0.3 (11.4) 103%
Loss before tax (£m) (1.7) (15.7) (89%)
Loss after tax (£m) (1.2) (11.8) (90%)
Diluted earnings per share(1) (0.8)p (8.5)p (91%)
Cash & cash equivalents (£m) 71.6 88.0 (19%)
1 Definitions are consistent with the FY 2024 Annual Report
2 New lending includes all new lending originated for 3rd Party Funding and
Principal Investments
Key Highlights
1. Continuing to Attract High-Quality Capital
Building on our FY strategy to secure sustainable growth by attracting
third-party capital, we have continued to strengthen our funding base:
● Growth in Funds Under Management (FuM): Increased by 12%
year-on-year to £4.67bn, driven by successful capital-raising projects.
● Expanded Partnership with JP Morgan: The Separate Account managed on
behalf of JP Morgan was upsized by £500m to £1.5bn and extended for three
years, bolstering growth for our Buy-to-Let (BTL) and owner-occupied products.
● Renewed £300 Million Financing Syndicate with BNP Paribas,
Barclays, and HSBC: Extended for three years on improved terms to support
growth in the Mortgages division, focusing on bridge financing and
refurbishment products.
● Assets Under Management (AuM): Grew by 9% year-on-year to £2.95bn,
as our focus on third-party managed assets drove a 71% rise in Net Fee Income,
reaching £11.3m.
2. Lending Growth and Operational Efficiency
In line with our FY commitment to expand lending and improve operational
efficiency, we have achieved solid growth in new lending and streamlined
processes:
● Increase in New Lending: Lending volumes rose 30% year-on-year to
£539.1m, demonstrating improved demand for our lending products.
● Strong Growth in Mortgages Division: Mortgages Division lending grew
by 67% year-on-year, supported by strong enquiry volumes and an active
pipeline - validating the improvements made to processing efficiency and our
service proposition.
● Technological Efficiency: Efficiency initiatives this period have
improved productivity and cut mortgage application-to-offer times by 20% to an
average of 11 days - 39% to 72% faster than the industry average.
3. Fortifying the Balance Sheet and Reducing Debt
Following our FY objective to strengthen our balance sheet and manage costs,
we have delivered:
● Debt Reduction: Debt fell by 29% year-on-year to £601.7m,
underscoring our commitment to delivering more stable and simplified
earnings .
● Credit Risk Mitigation: Balance sheet assets reduced to 19% (2023:
31%) as a proportion of total AuM, contributing to a 69% decrease in
impairments year-on-year, now at £2.2m.
● Improved Liquidity: Cash and equivalents rose from FY to £71.6m (31
March 2024: £55.7m), strengthening our financial position.
● Net Assets: Stable, marginally reducing to £56.4m from
£56.5m at 31 March 2024.
4. Path to Profitability
Reflecting the FY goal of returning to profitability, we have made substantial
progress:
● Reduced Loss Before Tax: First-half loss before tax narrowed to
£1.7m, an 89% improvement year-on-year.
● Increased Net Operating Income: Net operating income rose by 39%
year-on-year to £17.4m, supported by record lending volumes for our mortgages
division and increased fee generation.
● Administrative Expense Reduction: Administrative expenses fell 20%
year-on-year to £16.9m, with a 22% reduction in staff costs following a 16%
decrease in headcount.
● Positive Adjusted EBITDA: Adjusted EBITDA improved by 103%
year-on-year to a gain of £0.3m, further demonstrating strong progress toward
a return to profitability.
● Run-Rate Profitability achieved in September from a PAT, PBT, and
EBITDA perspective. Anticipated savings contributing to a run-rate expense
target in line with FY23 levels by FY25.
Analysts and investors presentation: 9.00am on 9th December 2024
A webcast for analysts and investors will be hosted by Rod Lockhart, Chief
Executive Officer; Hugo Davies, Chief Capital Officer and MD Mortgages
Division; and Stephen Shipley, Chief Financial Officer at 9.00am today, 9th
December 2024. A playback facility will also be available in due course.
To access the webcast, please register here
(https://sparklive.lseg.com/LENDINVEST/events/e4d7fe8f-dbb0-4225-9bb2-469861130263/lendinvest-plc-interim-results)
:
https://sparklive.lseg.com/LENDINVEST/events/e4d7fe8f-dbb0-4225-9bb2-469861130263/lendinvest-plc-interim-results
Enquiries:
LendInvest
Rod Lockhart, Chief Executive Officer
Hugo Davies, Chief Capital Officer & MD of LendInvest Mortgages
Stephen Shipley, Chief Financial Officer
Chris Semple, Corporate Communications
investorrelations@lendinvest.com
+44 (0)7575582855
Panmure Liberum (NOMAD and Broker)
Atholl Tweedie / David Watkins
+44 (0)20 7886 2500
Forward-looking statements
Certain statements in this announcement are forward-looking statements. In
some cases, these forward looking statements can be identified by the use of
forward looking terminology including the terms "anticipate", "believe",
"intend", "estimate", "expect", "may", "will", "seek", "continue", "aim",
"target", "projected", "plan", "goal", "achieve" and words of similar meaning
or in each case, their negative, or other variations or comparable
terminology. Forward-looking statements are based on current expectations and
assumptions and are subject to a number of known and unknown risks,
uncertainties and other important factors that could cause results or events
to differ material from what is expressed or implied by those statements. Many
factors may cause actual results, performance or achievements of LendInvest to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Important factors that
could cause actual results, performance or achievements of LendInvest to
differ materially from the expectations of LendInvest, include, among other
things, general business and economic conditions globally, industry trends,
competition, changes in government and changes in regulation and policy,
changes in its business strategy, political and economic uncertainty and other
factors. As such, undue reliance should not be placed on forward-looking
statements. Any forward-looking statement is based on information available to
LendInvest as of the date of the statement. All written or oral
forward-looking statements attributable to LendInvest are qualified by this
caution. Other than in accordance with legal and regulatory obligations,
LendInvest undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise. Nothing in this announcement should be regarded as a
profit forecast.
Market Backdrop
The housing market continues to face challenges and opportunities, but its performance supports our view that the "green shoots" mentioned in our FY24 results are starting to flourish. Much of this optimism is driven by shifting expectations around interest rates, which are helping restore confidence in our key segments. However, this optimism is tempered by caution due to recent fiscal policy changes and geopolitical uncertainty, such as potential conflicts in oil-rich regions and increased tariffs on large manufacturing hubs.
For the UK economy, 2024 has been a mixed year. Inflation cooled significantly, dropping to 1.7% in September - below the Bank of England's 2% target - offering relief to consumers and businesses after a period of rising costs and reduced spending. As domestic inflationary pressures ease, financial markets are now anticipating interest rate cuts through to 2026. Despite some market volatility, progress on inflation allowed the Bank of England to reduce the base rate from 5.25% to 5% in August, followed by a further cut to 4.75% in November, with further decreases expected.
As rates continue to fall, asset prices are stabilising, and activity is picking up across the mortgage finance landscape. Our lending products, including bridging, development, BTL and owner-occupied mortgages, are closely tied to market interest rates. In 2023/24, this dependency created challenges around balancing affordability for borrowers with margin protection. Now, in 2024/25, following improvements to our funding model and technology platform, we are better positioned to quickly adapt to market shifts and provide a stable service proposition, delivering stronger lending volumes, and improved margins.
That said, affordability remains a significant barrier, particularly in a product such as residential mortgages and it is therefore disappointing that the easing cycle through 2025 will be shallower than once thought and not unlock the pent-up supply of potential homeowners that we believe exists.
Looking ahead, the Bank of England is expected to continue lowering the base rate by 0.25% per quarter, potentially bringing it below 4% by early 2026, which is 0.50% higher than what was priced in by the market in September.
Although this projection is slightly higher than our previous forecast, the mortgage market remains resilient. Mortgage approvals have nearly returned to pre-pandemic levels, with remortgage approvals up 52% year-on-year as of September 2024. Additionally, two-year fixed mortgage rates have decreased from 5.15% in late September 2023 to 4.9% a year later, while house prices have risen by 2.2% over the same period, supported by easing inflation and stable household budgets.
Our robust technology and service offerings, combined with our flexible
funding model, ensure that we can effectively compete and grow in this market
without relying solely on pricing - a key advantage over many challenger
banks.
Achievements
Mortgages Division
The Mortgages Division provides innovative mortgage solutions through our
proprietary technology platform, passing the benefits of finely tuned front-
and back-end processes to brokers and their customers. Our offerings include a
comprehensive suite of products, from Buy-to-Let and Residential to short-term
financing options.
● Rebound in BTL: New mortgage lending for the Mortgages division
surged by 67% year-on-year, reaching £478m (2023: £287m). Notably, the Buy
to Let segment has shown consistent growth, averaging £59m in new loan
completions per month and £157m in monthly enquiries (+122% year-on-year),
evidencing the strength of our mortgage offering in a highly competitive
market. Our robust pipeline demonstrates our ability to capture new
opportunities and respond effectively to market demand.
● Strong Capital Raising Activity: Post period-end we
successfully securitised a £285m portfolio of prime residential and
Buy-to-Let mortgages, achieving the tightest pricing in the sector in H2,
again, for a 3 year securitisation of Buy-to-Let or non-conforming mortgages
in the UK market. This included our first securitisation of owner-occupied
loans since launching into this growing market in 2023.
● Extended our JP Morgan Funding Partnership: In September, we upsized
the Separate Account with JP Morgan by £500m to £1.5bn, to support growth in
the mortgages division.
● Extended and Improved Revolving Finance Agreement: Successfully
extended financing arrangement with BNP Paribas, Barclays & HSBC on
improved terms, in addition to improving the capital structure and the return
profile.
● New Products and Solutions: Launched new Product Transfer
functionality, providing brokers with a seamless journey to transfer
reverting mortgages onto new offers, Bridge-to- Let, &
Expat products.
● Enhanced Short Term Mortgage Proposition: We have enhanced Automated
Valuation Models (AVM) functionality, delivered dual legal representation and
iterated other operational processes, which has led to strong short-term
mortgage application levels - up 15% March '24 - September '24,
compared to October '23 to March '24.
● Customer Satisfaction & Market Reputation: Customer Experience
remains central to LendInvest, with positive survey feedback from customers
and intermediaries regarding our people, processes, and technology. Our
progress in this area is reflected in a strong Trustpilot rating of 4.6 (as of
30th September 2024).
Capital Division
LendInvest Capital offers a range of investment products, providing diverse
opportunities for exposure to the UK property finance market. Our products,
tailored for both institutional and individual investors, span real estate
debt funds, secured bonds, and co-investment opportunities, enabling access to
various property-backed investment vehicles.
● Launch of Secured Credit Fund III: The recent launch of Fund III
expands our product offerings, catering to market demand for bridging loans
and targeting returns between 7-10% per annum.
● Third-Party Capital and Syndication: We continue to build strong
relationships with institutional investors and syndication partners,
increasing lending capacity while adhering to a capital-light strategy. Our
co-investment and syndication models allow institutions to invest alongside
others, supporting efficient capital growth and a scalable approach to the
more bespoke nature of the Capital division's addressable markets.
● Resilience in Uncertain Markets: Despite economic volatility, our
Capital Division has sustained robust pipeline activity and increased
enquiries. As market dynamics stabilise, we are positioned to capture growth
opportunities and deliver property-backed investment solutions aligned with
changing market needs. Our development loan pipeline has increased by 50% from
Q1 to Q2.
Group
Technology and Platform Enhancements: We have continued to evolve and enhance
our market-leading, proprietary technology platform, even while managing
development costs. This platform is a cornerstone of our service offering,
enabling product expansion, improving customer engagement and NPS, and driving
operational efficiencies across the business. During the period, we added
£1.2m to Intangible Fixed Assets (2023: £2.2m).
Operational Efficiency Improvement: We continue to streamline processes to
improve loan processing speed and reduce costs. Key initiatives this period
include relocating staff to our new Glasgow office, enhancing operational
flexibility and supporting a scalable, resilient business model. Significant
productivity gains have been achieved, with operational changes and platform
enhancements delivering over 50% efficiency improvement in our BTL lending
team and 25% in our short-term mortgages team. For example, our technology
platform now enables a single underwriter to support more than 100 new BTL
applications per month - up from 70 previously. This focus on operational
leverage is critical to driving growth while lowering origination costs.
Growth in Assets under Management (AuM) While Minimising Credit Risk: Our
strategic approach to managing Assets under Management (AuM) continues to
deliver strong results. As of 30 September 2024, AuM stood at £2.95bn,
reflecting a £161.8m (+5.5%) increase from the end of FY24. This growth is a
direct result of our focus on a "capital-light" business model, which
minimises the capital deployed on the balance sheet while maximising revenue
through third-party managed assets. This approach ensures the business remains
nimble and well-positioned to capture new opportunities while effectively
managing credit risk.
Outlook
Our recent performance has been encouraging with the Company achieving
profitability in September. Looking ahead, we remain cautiously optimistic
about continuing to deliver profitability during the rest of the year, whilst
remaining mindful that ongoing interest rate volatility, triggered by both
macro-economic and geopolitical uncertainty, could present headwinds in H2.
However, we are reassured by supportive UK Government measures aimed at
catalysing house building, improving energy efficiency and professionalising
the Buy-to-Let sector.
Strategic Priorities
LendInvest remains committed to executing its growth strategy, with a focused
approach to scaling lending, securing new third party capital, and improving
operational efficiency. Our key priorities for the second half of FY24 and
beyond include:
Expanding Lending and Enhancing Product Reach
● Specialist Residential and Buy-to-Let (BTL) Mortgages: We will
relaunch a streamlined residential mortgage proposition in H2, made possible
by our highly scalable lending infrastructure. This refined offering is
designed to capture anticipated market opportunities driven by expected
interest rate reductions, boosting broker engagement and growing our market
share. To support this, we will strengthen partnerships with brokers and
mortgage clubs, introduce roaming underwriters, raise our brand profile
through industry engagement, and maintain an agile underwriting process.
Following a strong H1 in Buy-to-Let, we remain committed to iterating our
processes and products to respond swiftly to market changes, sustaining
momentum and protecting margins through disciplined execution of our funding
strategy.
● Product Expansions: While we continue to maximise the addressable
market in our core segments, we are exploring ancillary, complimentary
offerings, including foreign national BTL mortgages and second-charge lending
for residential mortgages, which align well with our existing product mix.
Over the next 12 months, we will focus on implementing a seamless
bridge-to-let solution, increasing Product Transfer (PT) conversions in BTL
and owner-occupied markets, and providing targeted support to SME house
builders.
Securing Capital and Funding
● Raising Capital for Growth: To drive lending capacity, we are
actively raising capital from around the world for our third fund, launched in
October ("LendInvest Secured Credit Fund III"). We also have a strong pipeline
of other capital raising projects, representing £1bn in notional deal value,
with the majority focusing on third party funding solutions. Not only does
this expand our lending capacity in a controlled way, but it will also support
the growth of Net Fee Income. These capital initiatives are vital to
supporting our structured approach to growth.
Driving Profitability, Managing Costs and Operational Leverage
● Path to Profitability: We achieved run-rate profitability in
September, backed by our disciplined focus on lending expansion and expense
management. Improved operational efficiency, supported by targeted technology
investments, will continue to drive this goal. As lending volumes grow,
additional fee-based revenue and our strategic shift towards third-party asset
management are expected to strengthen our income stability. This transition
aligns with our capital-light model and enhances resilience against varying
market conditions. While we are cautiously optimistic about sustaining this
performance through the rest of the year, market volatility, interest rate
fluctuations, and broader economic factors may influence our ability to
maintain this trend.
● Cost Optimisation and Structural Efficiencies: Following the recent
reduction in headcount to approximately 200 employees, we will continue to
drive down administrative expenses. This includes relocating roles to Glasgow,
where there is a deep talent pool and costs are more favourable, and reducing
our London office footprint to further reduce overhead, with anticipated
savings contributing to a run-rate expense target in line with FY23 levels by
FY25. These efficiency measures are expected to reduce payroll by
approximately 20%, with restructuring costs of £1.2m already accounted for in
H2 FY24.
● Enhanced Technological Efficiency and AI Integration: We will
leverage our proprietary platform to streamline loan origination further,
allowing for 'straight-through' processing for certain loan subsets with
minimal manual intervention. Further planned AI integrations in underwriting
and operations will improve cost-to-originate metrics and enable underwriters
to focus on complex decision-making.
Financial Statements
Condensed Consolidated Income Statement
The summary consolidated statement of profit and loss account for the 6
months' period ended 30 September 2024 is shown below. The prior year 6 months
ended 30 September 2023 has been restated as described in note 1.4.
Unaudited 6 months ended 6 months ended Change
30 September 2024 30 September 2023
£'m £'m (restated)
Net Interest Income 6.0 5.7 5%
Net fee income 11.3 6.6 71%
Net gains on derecognition of financial assets 0.0 0.1 (100%)
Net other operating income 0.1 0.1 0%
Net operating income 17.4 12.5 39%
Administrative expenses (16.9) (21.1) 20%
Impairment losses on financial assets (2.2) (7.1) (69%)
Total operating expenses (19.1) (28.2) (32%)
Loss before tax (1.7) (15.7) (89%)
Losses from derivative hedge accounting 0.4 0.3 33%
Exceptional professional costs 0.0 0.9 100%
Underlying (loss) before tax (1.3) (14.5) (91%)
Loss after tax (1.2) (11.8) (90%)
Gain/(loss) in adjusted EBITDA 0.3 (11.4) 103%
Net Interest Income: Net Interest Income has increased 5% to £6m (2023:
£5.7m), reflecting the ongoing implementation of our capital-light strategy.
This increase is primarily attributed to both the decrease in on-balance sheet
Assets under Management (AuM), which decreased by 32% year-on-year and
improved margins. Consequently, only 19% (2023: 31%) of total Platform AuM
remains on the balance sheet. This strategic shift toward a more
capital-efficient model is designed to reduce risk exposure and enhance
scalability, aligning with our long-term goals of maximising revenue
generation from third-party managed assets while minimising capital
deployment.
Net Fee Income: In contrast, Net Fee Income has experienced a significant 71%
increase year-on-year. This growth reflects the successful execution of our
strategy to shift focus toward third-party managed assets, which has not only
enhanced our fee-based revenue streams but also strengthened the overall
financial performance of the business. This strategic move towards a more
capital-light, fee-driven model is enabling us to generate higher margins
while reducing our risk profile.
Impairment losses on financial assets: The impairment charge for the period
reduced significantly to £2.2m (2023: £7.1m), returning to more normalised
levels. The prior year's higher impairment charge was largely driven by a
small number of larger, more complex loans within the Capital Division,
specifically in the Structured Bridging and Development Finance sectors, which
were disproportionately impacted by the challenging macroeconomic conditions.
Expected credit losses for our Mortgage Division have remained low, reflecting
the strong credit quality of our mortgage portfolio and the continued
resilience of the underlying property market.
Administrative Expenses: Administrative expenses were reduced by 20%, falling
to £16.9m (2023: £21.1m), reflecting our ongoing focus on operational
efficiency. This reduction demonstrates our disciplined cost management
approach and commitment to maintaining a lean operational structure.
● Wages & Salaries: Employee-related costs were reduced by 23%,
totalling £7.9m (2023: £10.2m). This decrease was driven by a 16% reduction
in headcount year-on-year, which aligns our strategy to optimise workforce
efficiency. Additionally, the prior period included £0.3m in redundancy
costs.
Unaudited 6 months ended 6 months ended Change
30 September 2024 30 September 2023
£'m £'m
Wages and salaries 7.9 10.2 (23%)
Share-based payments (0.7) 1.0 (170%)
Depreciation and amortisation 2.2 1.9 16%
Fees payable to the auditors 1.4 0.8 75%
Lease finance expense 0.2 0.1 50%
Other operating expenses 5.9 7.1 (17%)
Total administrative expenses 16.9 21.1 (20%)
Adjusted EBITDA
The reconciliation between Loss before taxation and Adjusted EBITDA for the 6
months' period ended 30 September 2024 is show below.
Unaudited 6 months ended 6 months ended Change
30 September 2024 30 September 2023
£'m £'m (restated)
Loss before tax (1.7) (15.7) (89%)
Losses from derivative hedge accounting 0.4 0.3 (33%)
Share-based payment (credit) / expense (0.7) 1.1 166%
Depreciation and amortisation 2.2 1.9 (16%)
Lease finance expense 0.2 0.1 (50%)
Exceptional operating expenses 0.0 0.9 (100%)
Gain/(loss) in adjusted EBITDA 0.3 (11.4) 103%
Segmental analysis
Our Mortgages Division provides mortgages to both professional BTL landlords
and Residential homeowners as well as a range of Short-term Mortgages. The
Capital Division provides larger, more structured finance primarily to
property developers and large property companies. An analysis of the first
half result based on these segments is presented below.
Unaudited 6 months ended 6 months ended 6 months ended 6 months ended
30 September 2024 30 September 2024 30 September 2024 30 September 2024
Mortgages Capital Central Group
Division Division £'m £'m
£'m £'m
Total AuM 2,455.0 490.1 0.0 2,945.1
Principal Investments 429.6 126.7 0.0 556.3
3rd Party Funds 2,025.4 363.4 0.0 2,388.8
New lending 478.3 60.8 0.0 539.1
Net interest income 2.6 3.4 0.0 6.0
Net fee income 7.0 4.3 0.0 11.3
Net other income 0.1 0.0 0.0 0.1
Net operating income 9.7 7.7 0.0 17.4
Administrative expenses (7.6) (0.9) (8.4) (16.9)
Impairment (losses)/gains on financial assets (1.0) (1.4) 0.2 (2.2)
Total operating expenses (8.6) (2.3) (8.2) (19.1)
Profit / (Loss) before tax 1.1 5.4 (8.2) (1.7)
Funds under Management (FuM) reconciliation to and Platform Assets under
Management (AuM)
The reconciliation between Funds under Management (FuM) and Platform Assets
under Management (AuM) at 30 September 2024 is presented below.
Unaudited At At At
30 September 30 September 30 September
2024 2024 2024
Principal Investments 3rd Party Funds Total
£'m £'m £'m
Platform Assets under Management (AuM) 556.3 2,388.8 2,945.1
Unutilised Funding Facilities 409.7 1,315.2 1,724.9
Funds under Management (FuM) 966.0 3,704.0 4,670.0
Balance Sheet
Summary of assets, liabilities, and equity for the period.
Unaudited As at 30 September 2024 As at 31 March Change
£'m
2024
£'m (restated)
Cash and cash equivalents 71.6 55.7 29%
Trade and other receivables 8.2 8.1 1%
Loans and advances 556.3 477.0 17%
Investment securities 37.0 41.1 (10%)
Other assets 20.1 19.1 5%
Total assets 693.2 601.0 15%
Other payables (29.0) (25.6) (13%)
Lease liabilities (3.6) (2.3) (57%)
Derivative financial liability (2.5) (2.0) (25%)
Interest bearing liabilities (601.7) (514.6) (17%)
Total liabilities (636.8) (544.5) 17%
Net assets 56.4 56.5 (0%)
Share capital 0.1 0.1 0%
Share premium 55.2 55.2 0%
Other reserves 9.8 10.1 (3%)
Retained (losses) (8.7) (8.9) (2%)
Total Equity 56.4 56.5 (0%)
Net Assets: Stable, marginally reducing from £56.5m on 31 March 2024 to
£56.4m on 30 September 2024.
Loans & Advances: Loans and Advances rose by 17% to £556.3m as of 30
September 2024, up from £477m on 31 March 2024. This growth was primarily
driven by a robust 30% increase in new lending year-on-year, reflecting our
strategic efforts to strengthen the loan book.
Cash Flow Statement
As at 30 September 2024, the business held cash and cash equivalents of
£71.6m, a 18.6% decrease during the 12 month period.
Cash and cash equivalents increased 29% to £71.6m (31 March 2024: £55.7m).
£61.9m of the balance is restricted for loan funding purposes (31 March 2024:
£38.5m) with unrestricted cash decreasing to £9.2m (31 March 2024: £16.8m).
Unaudited 6 months ended 6 months ended
30 September 2024 30 September 2023
£'m £'m (restated)
Cash (used in)/ generated from operating activities (71.4) 113.0
Net cash generated from investing activities 2.8 12.7
Net cash generated/(used in) from financing activities 84.5 (84.4)
Net increase in cash and cash equivalents 15.9 41.3
Cash and cash equivalents at beginning of the period 55.7 46.7
Cash and cash equivalents at end of the period 71.6 88.0
Going Concern
The Group's business activities together with the factors likely to affect its future development and position are set out in the strategic report. The Directors also considered the impact of the funding lines maturing in the next 12 months from the date of approval of the financial statements.
In line with the normal operations of the Group, there are a number of facilities which mature during this period which are at an advanced stage of negotiation.
The Directors believe that the Group will be able to refinance these facilities either with the existing funding provider or with new third parties to continue its growth trajectory. If these facilities were not to be refinanced, the Group would be able to sell individual loans or portfolio of loans to facilitate the repayment of the outstanding amounts. This strategy is in line with the existing approach of the Group to both hold assets on its balance sheet and to sell to third parties.
The Directors do not consider that this creates a material uncertainty in the going concern assessment of the Group directors have a reasonable expectation that the Group will have adequate resources to continue to operate for a period of at least 12 months from the signing of these accounts and therefore it is on this basis that the directors have continued to prepare the accounts on a going concern basis. More information on the Directors' assessment of going concern is set out in the Directors' report.
INDEPENDENT REVIEW REPORT TO LENDINVEST PLC
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2024 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2024 which comprises the Condensed consolidated interim statement
of profit and loss, Condensed consolidated interim statement of other
comprehensive income, Condensed consolidated interim statement of financial
position, Condensed consolidated interim statement of changes in equity,
condensed consolidated interim statements of cash flows and notes to the
condensed consolidated interim financial statements.
Basis for conclusion
We conducted our review in accordance with Revised International Standard on
Review Engagements (UK) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410
(Revised)"). A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1.2, the annual financial statements of the group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410 (Revised), however future events or conditions may cause the
group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the London Stock Exchange AIM Rules for Companies which
require that the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual accounts
having regard to the accounting standards applicable to such annual accounts.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
Our report has been prepared in accordance with the terms of our engagement to
assist the Company in meeting the requirements of the rules of the London
Stock Exchange AIM Rules for Companies for no other purpose. No person is
entitled to rely on this report unless such a person is a person entitled to
rely upon this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior written
consent. Save as above, we do not accept responsibility for this report to
any other person or for any other purpose and we hereby expressly disclaim any
and all such liability.
BDO LLP
Chartered Accountants
London , UK
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS
Note 6 months ended 6 months ended 30 September 2023
30 September 2024 £'m (restated)
£'m
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate 4 28.9 33.5
Other interest and similar income 4 (0.3) (0.3)
Interest expense and similar charges 5 (22.6) (27.5)
Net interest income 6.0 5.7
Fee income 6 15.7 7.7
Fee expenses 6 (4.4) (1.1)
Net fee income 6 11.3 6.6
Net gains on derecognition of financial assets 7 - 10.8
Profit/(loss) on sale of loan portfolio 7 - (10.7)
Net other operating income 0.1 0.1
Net Operating Income 17.4 12.5
Administrative expenses (16.9) (21.1)
Impairment losses on financial assets (2.2) (7.1)
Total operating expenses (19.1) (28.2)
Loss before tax (1.7) (15.7)
Income tax credit 0.5 3.9
Loss after taxation (1.2) (11.8)
Earnings per share for profit attributable to the ordinary equity holders of
the Group:
Basic earnings per share (pence/share) 20 (0.8) (8.5)
Diluted earnings per share (pence/share) 20 (0.8) (8.5)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Note 6 months ended 30 September 2024 6 months ended 30 September 2023
£'m £'m (restated)
(Unaudited) (Unaudited)
Loss for the period (1.2) (11.8)
Other comprehensive income:
Items that will or may be reclassified to profit or loss:
Cash flow hedge adjustment - (21.5)
Fair value gain on loans and advances measured at fair value through other 17 2.3 37.2
comprehensive income
Cumulative loss on financial assets reclassified to profit or loss upon 17 - (7.2)
disposal and reclassification from FVTOCI to FVTPL
Deferred tax charge on gross movements through OCI 17 (0.6) (2.1)
Other comprehensive income for the period 1.7 6.4
Total comprehensive income/(loss) for the period 0.5 (5.4)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Note As at 30 September 2024 As at 31 March 2024
£'m £'m (restated)
Assets (Unaudited) (Audited)
Cash and cash equivalents 71.6 55.7
Other receivables 8.2 8.1
Corporation tax receivable 3.0 3.2
Loans and advances 10 556.3 477.0
Investment securities 11 37.0 41.1
Property, plant and equipment 12 3.0 1.3
Intangible assets 14 10.2 10.7
Net investment in sublease 0.4 0.6
Deferred taxation asset 3.5 3.3
Total assets 693.2 601.0
Liabilities
Other payables (29.0) (25.6)
Interest bearing liabilities 15 (601.7) (514.6)
Lease liabilities 13 (3.6) (2.3)
Derivative financial liability 18 (2.5) (2.0)
Total liabilities (636.8) (544.5)
Net assets 56.4 56.5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (continued)
Equity As at 30 September 2024 £'m As at 31 March
2024 £'m (restated)
Share capital 19 0.1 0.1
Share premium 19 55.2 55.2
Employee share reserve 1.8 3.8
Own Share Reserve (0.1) (0.1)
Fair value reserve 8.1 6.4
Retained losses (8.7) (8.9)
Total equity 56.4 56.5
These condensed consolidated interim financial statements of LendInvest plc,
with registered number 08146929, were approved by the Board of Directors and
authorised for issue on 6th December 2024. Signed on behalf of the Board of
Directors by:
Rod Lockhart
Director
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Own share reserve Share capital Share premium Employee Share Reserve Fair value reserve Retained (losses) Total
net of deferred tax
£'m £'m £'m £'m £'m £'m £'m
(Unaudited)
Balance as at 31 March 2024 (as reported) (0.1) 0.1 55.2 3.8 6.4 (6.1) 59.3
Prior period adjustment - under statement of net loss on disposal of financial - - - - - (2.8) (2.8)
assets during the year and over accrual of interest income
Balance as at 1 April 2024 (restated) (0.1) 0.1 55.2 3.8 6.4 (8.9) 56.5
Loss after taxation - - - - - ( 1.2) (1.2)
Fair value adjustments on - - - - 3.2 - 3.2
loan & advances through OCI
Employee share scheme tax - - - - - 0.1 0.1
Fair value hedge through OCI - - - - (1.5) - (1.5)
Transfer of share option costs - - - (1.3) - 1.3 -
Employee share options schemes - - - (0.7) - - (0.7)
Balance as at 30 September 2024 (0.1) 0.1 55.2 1.8 8.1 (8.7) 56.4
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (continued)
Own share reserve £'m Share capital Share premium Employee share reserve Fair value reserve Cash flow hedge reserve Retained earnings Total
£'m £'m £'m net of deferred tax net of deferred tax £'m £'m
£'m £'m
(Unaudited)
Balance as at 1 April 2023 (0.6) 0.1 55.2 3.3 (16.5) 16.1 18.9 76.5
Restated Loss after taxation - - - - - - (11.8) (11.8)
Recognition of employee - - - 1.0 - - - 1.0
share options schemes
Deferred tax on employee share option scheme deduction - - - - - - (0.7) (0.7)
FY23 final dividend declared - - - - - - (4.5) (4.5)
Fair value adjustments on - - - - 22.5 - - 22.5
loan & advances through OCI
Cash flow hedge adjustments through OCI - - - - - (16.1) - (16.1)
Balance as at 30 September 2023 (0.6) 0.1 55.2 4.3 6.0 - 1.9 66.9
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Note 6 month period ended 30 September 2024 6 month period ended 30 September 2023
£'m £'m (Restated)
(Unaudited) (Unaudited)
Cash flows from operating activities
Loss after taxation: (1.2) (11.8)
Adjusted for:
Depreciation of property, plant and equipment 12 - 0.1
Amortisation of intangible fixed assets 14 1.7 1.4
Share-based payment (credit)/expense 8 (0.7) 1.0
Income tax credit (0.5) (3.6)
Movement in accrued interest on interest bearing liabilities 0.5 (0.9)
Derivative, hedge accounting and committed facility fair value profits (4.2) (13.1)
Net fee and interest income and cost deferrals 2.2 1.8
Amortisation of Funding line costs 1.6 1.3
Impairment provision(1) 10 2.8 7.1
Income from sublease (0.1) (0.1)
Depreciation of right of use asset 12 0.4 0.3
Interest expense of lease liability 0.2 0.2
Loss on sale of loan portfolios - 10.6
Gain on disposal of subsidiaries - (10.8)
Change in working capital
Proceeds from sale of loan portfolios - 220.4
Movement in loans and advances (New origination net of redemptions) 10 (80.1) (119.9)
Increase in other receivables - (1.8)
Increase in other payables 3.4 4.8
Derivative settlements 0.8 26.8
Swap initial exchange expense/(credit) 1.8 (0.8)
Cash (used in)/ generated from operating activities (71.4) 113.0
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (continued)
Cash flow from investing activities
Proceeds received from disposal of subsidiaries (sale of residuals notes) less - 2.3
cash and cash equivalents disposed off
Purchase of property, plant and equipment 12 (0.1) -
Additions to Intangibles (Capitalisation of internally developed software) 14 (1.2) (2.2)
Proceeds from disposal of investment securities 11 4.0 12.5
Income from sublease 0.1 0.1
Net cash generated from investing activities 2.8 12.7
Cash flow from financing activities
Repayment of funder liabilities (excluding risk retention funding) 15 (84.9) (286.8)
Funding received from Institutional lenders (excluding risk retention funding) 168.1 215.4
Repayments of funding obtained for risk retention notes (4.0) (12.1)
Proceeds from issuance of retail bonds 7.4 -
Payment of principal elements of finance leases 13 (0.4) (0.5)
Payment of interest expense of finance leases 13 (0.2) (0.2)
Payment of funding line costs (1.5) (0.2)
Net cash generated from/(used in) financing activities 84.5 (84.4)
Net increase in cash and cash equivalents 15.9 41.3
Cash and cash equivalents at beginning of the period 55.7 46.7
Cash and cash equivalents at end of the period(2) 71.6 88.0
(1)The non-cash movement in the impairment provision differs from the charge
to the statement of profit and loss in respect to the impairment provision for
the 6 month period ended 30 September 2024. This is due to the charge to the
statement of profit and loss including a credit of £0.2m (2023: £0.0m) in
respect of cash amounts recovered in the period on loans that have previously
been written off.
(2)Cash and cash equivalents include restricted cash of £3.1m (30 September
2023 £3.5m) received from Platform Investors and these are held on account
for the benefit of investors in the Self-Select Platform, prior to then either
investing in loans or withdrawing their capital. Operationally, the company
does not treat the Trustees' balances as available funds and these are
included within the payables balance.
Interest received was £23.9m during the six months ended 30 September 2024
(the six months ended September 2023: £ 31.0m) and interest paid was £20.7m
during the six months ended 30 September 2024 (the six months ended September
2023: £28.4m).
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
1.1 General information
LendInvest plc is a public company incorporated on 17 July 2012 in the United
Kingdom under the Companies Act. The company listed on AIM on 14 July 2021.
The address of its registered office is Two Fitzroy Place, 8 Mortimer Street,
London W1T 3JJ.
These condensed consolidated interim financial statements of LendInvest plc,
for the six month period ended 30 September 2024, comprise the results of the
Company and its subsidiaries (together referred to as "the Group")
(collectively "these financial statements").
1.2 Basis of accounting
These condensed consolidated interim financial statements have been prepared
in accordance with IAS 34 "Interim Financial Reporting" and have been prepared
on a historical cost basis, except as required in the valuation of certain
financial instruments which are carried at fair value. These condensed
consolidated interim financial statements have been prepared applying the
accounting policies and presentation that were applied in the preparation of
the Group's published financial statements for the year ended 31 March 2024
and should be read in conjunction with the March 2024 annual report.
These condensed consolidated interim financial statements are not statutory
accounts. The Group statutory accounts for the year ended 31 March 2024 have
been reported on by its auditor and delivered to the Registrar of Companies.
The report of the auditor on those statutory accounts was unqualified, did not
include a reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report, and did not contain a statement
under Section 498(2) or (3) of the Companies Act 2006.
All amounts are presented in pounds sterling, which is the functional currency
of the Company and all its subsidiaries. Amounts are rounded to the nearest
million, except where otherwise indicated.
1.2.1 Going Concern
The Group's business activities together with the factors likely to affect its
future development and position are set out in the Strategic report. The
Directors also considered the impact of the funding lines maturing in the next
12 months from the date of approval of the financial statements. In line with
the normal operations of the Group, there are a number of facilities which
mature during this period.
The Directors believe that the Group will be able to refinance these
facilities either with the existing funding provider or with new third parties
to continue its growth trajectory. If these facilities were not to be
refinanced, the Group would be able to sell individual loans or portfolio of
loans to facilitate the repayment of the outstanding amounts. This strategy is
in line with the existing approach of the Group to both hold assets on its
balance sheet and sell to the third parties.
The Directors do not consider that this creates a material uncertainty in the
going concern assessment of the Group. Directors have a reasonable expectation
that the Group will have adequate resources to continue to operate for a
period of at least 12 months from the signing of these accounts and therefore
it is on this basis that the Directors have continued to prepare the accounts
on a going concern basis. More information on the Directors' assessment of
going concern is set out in the Directors' report.
1.3 Accounting policies
The accounting policies and methods of computation are consistent with those
set out in the Annual Report 2024.
1.4 - Prior Period Adjustments
The Group has restated its Condensed Consolidated Interim Statement of Cash
Flows due to the following prior period adjustments (PPAs) which relate to
errors and changes in accounting policy:
Errors
PPA 1
To reflect appropriate classifications and presentation of items within
operating activities. Previous presentation of operating activities included
some netting off and grossing up which have now been correctly set out to
comply with IAS 7 - Statement of Cashflows:
1. The profit and loss impact of derivatives and hedge accounting (which is
movement in fair value of derivative instruments and hedge risk value of hedge
items) were erroneously netted off in the 'Decrease/(increase) in loans and
advances' and 'Derivative settlements'. This has now been presented separately
as 'Derivative, hedge accounting and committed facility fair value
(profits)/losses' under operating activities.
2. During the period, Mortimer- 2021 Plc was deconsolidated by the Group. The
deconsolidated balances in 'trade and other receivables' and 'trade and other
payables' were erroneously netted off in the Decrease/(Increase) in loans and
advances line. To correctly reflect the movement in these two lines,
deconsolidated balances have now been adjusted from the movement in loans and
advances.
3. An amount of £1.1m relating to loan origination was erroneously accounted
for as 'Repayment of funder liabilities'. This has now been reclassified from
Financing activities to Movement in loans and advances (New originations net
of redemptions) under operating activities.
*This is the net impact of prior period adjustment relating to
Reclassification of cash consideration for sold residuals described in PPA 2.
** This error was earlier identified and corrected in the March 2024 financial
statements. The adjustment is now being reflected in the interim financial
statements.
*** These adjustments relate to change in accounting policy which is a change
in the presentation format of the statement of cashflow adopted in March 2024
financial statements as described in PPA 4.
^ This adjustment relates to an over accrual of interest income in September
2023 as described in PPA 6
PPA 2
To reflect the correct balance for "Proceeds received on disposal of
subsidiaries".
During the year, the Group noted that as per the requirements of Section 42 of
IAS 7, the proceeds received from disposal of a subsidiary need to be
presented net of the cash and cash equivalents disposed as part of the
transaction under investing activities. Historically, this has been disclosed
on a Gross basis under operating activities. The error has been corrected by
netting the cash and cash equivalents in Mortimer- 2021 Plc from residual sale
consideration on the date of sale. This error was earlier identified and
corrected in the March 2024 financial statements. The adjustments are now
being reflected in the interim financial statements. The Group has restated
its September 2023 Condensed Consolidated Interim Cash Flow Statement to
update the correct balance £2.3 m as an investing activity.
** This error was earlier identified and corrected in the March 2024 financial
statements. The adjustments are now being reflected in the interim financial
statements.
**** These adjustments are discussed in PPA 1 above.
PPA 3
PPA 3
To reflect the funding movement in investing and financing activities on gross
basis.
1. While the funding received and paid during the 6 month period had been
attempted to be presented on a gross basis, some amounts were still netting
off in both lines and have now been grossed up.
2. Funding activities directly linked to investments (risk retention notes)
were omitted from the cashflow statements.
** This error was earlier identified and corrected in the March 2024 financial
statements. The adjustment is now being reflected in the interim financial
statements.
*** These adjustments relate to change in accounting policy which is a change
in the presentation format of the statement of cashflow adopted in March 2024
financial statements as described in PPA 4.
**** These adjustments are discussed in PPA 1 above.
As a result of the errors identified
(a) Total cashflows on operating activities was overstated by
£3.4 m because of PPA 1 and 2.
(b) Total cashflows on investing activities was understated by
£14.8m because of PPA 2 and 3.
(c) Total cashflows on financing activities was overstated by
£11.4 m because of PPA 1 and 3.
Change in accounting policy - Presentation format of the statement of
cashflows
PPA 4
During the year ended 31 March 2024, the Group updated the presentation format
of the cashflow statements while correcting errors identified in historic
cashflow statements. This constitutes a change in accounting policy and has
thus been reflected in the interim financial statements for consistency.
1. 'Net fee and interest income and cost deferrals' was previously netted off
with the 'Decrease/(increase) in loans and advances'. This has now been
presented separately to align the naming convention to the presentation format
adopted by the Group for the March 2024 financial statements.
2. Proceeds from sale of loan portfolio was previous included in
'Decease/(increase in loans and advances'. This has now been presented
separately following the change in the naming convention of the line to
'Movement in loans and advances (New originations net of redemptions)'.
3. Swap initial exchange cost was formerly presented as an investing activity
and has now been reclassified to operating activities to reflect the purpose
of the hedging relationship.
4. Movement in accrued interest on interest bearing liabilities was formerly
included within 'Repayment of funder liabilities' and has now been
reclassified and presented separately under operating activities.
5. Funding received and paid from external parties strictly for the purpose of
holding risk retention notes have now been separated from other receipts and
payments of funder liabilities.
6. Payment of funding line costs was formerly included within 'Repayment of
funder liabilities' and has now been reclassified and presented separately
under financing activities.
7. Amortisation of funding line costs was formerly included within 'Repayment
of funder liabilities' and has now been reclassified and presented separately
under operating activities.
8. 'Loss on sale of loan portfolio' was previously grossed up with 'Fair value
recycled to line items (loss on sale of loan portfolio) in profit or loss'.
This has now been shown separately and matches the 'Loss on sale of loan
portfolio' presented in the statement of profit and loss.
**** These adjustments are discussed in PPA 1 above.
~ This adjustment is discussed in PPA 2 above.
~~These adjustments are discussed in PPA 3 above.
As a result of the change in accounting policy
(a) Total cashflows on operating activities has reduced by
£0.4m.
(b) Total cashflows on investing activities has increased by
£0.8m.
(c) Total cashflows on financing activities has reduced by
£0.4m.
Consolidating all 4 PPAs
(a) Total cashflows on operating activities has decreased from
net inflow of £116.8m to net inflows of £113m because of PPAs 1,2 and 4.
(b) Total cashflows on investing activities has moved from net
outflows of £2.9m to net inflows of £12.7 m because of PPAs 2,3 and 4.
(c) Total cashflows on financing activities has increased from
net outflows of £72.6m to net outflows of £84.4m because of PPAs 1,3 and 4.
The Group has restated its Condensed Consolidated Interim Statement of Profit
and Loss, Condensed Consolidated Interim Statement of Other Comprehensive
Income, Condensed Consolidated Interim Statement of Financial Position,
Condensed Consolidated Interim Statement of Changes in Equity and Condensed
Consolidated Interim Statement of Cashflows due to the following prior period
adjustments:
PPA 5
Error
To reflect a misstatement of Other payables and Net gains on derecognition of
financial assets.
As part of the securitisation and disposal of Mortimer BTL 2023 Plc in the
year ended 31 March 2024, some specific proceeds of the Group were assigned to
Mortimer BTL 2023 plc to augment its net assets. These proceeds were however
not accrued promptly so at the time of disposal and deconsolidation of the
Mortimer 2023- Plc in January 2024, the liabilities of the Group had been
understated. This omission remained uncorrected in the March 2024 year-end
financial statements.
Consequently, the recorded Net loss on derecognition of financial assets was
understated by the value of the assigned proceeds of £2.2m.
To correct this, a prior period adjustment of £2.2m has been made to the
financial results presented for 31 March 2024 in this Condensed Consolidated
Interim Financial Statements
PPA 6
Error
To reflect the correction of an over accrual of interest income during the
period.
The reset and sale of a development loan in September 2023 created an
erroneous entry which incorrectly credited the profit and loss rather than the
balance sheet. This entry resulted in the overstatement of interest income
calculated using the effective interest rate and other receivables and
remained uncorrected in the September 2023 half-year results and the March
2024 year-end financial statements
To correct the error, a prior period adjustment of £0.6m has been made to the
financial results presented for 30 September 2023 and 31 March 2024 in this
Condensed Consolidated Interim Financial Statements.
PPA5 and PPA 6 are reflected in the table which follows:
PPA 5 and PPA 6 adjustment table
The impact of the restatement has been reflected in the Condensed Consolidated
Interim Statement of Changes In Equity.
2. Financial risk management
General objectives, policies and processes
The Board has the overall responsibility for the establishment and oversight
of the Group's risk management framework. The Group's risk management
activities and exposure to credit, liquidity and market risk are consistent
with those set out in the Annual Report 2024. The tables below analyse the
Group's contractual undiscounted cash flows of its financial assets and
liabilities:
Carrying amount Gross nominal inflow/ (outflow) Amounts due in less than 6 months Amounts due in 6 - 12 months Amounts due between one and five years Amounts due in more than 5 years
£'m £'m £'m £'m £'m
£'m
As at 30 September 2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Financial assets
Cash and cash equivalents 71.6 71.6 71.6 - - -
Other receivables 4.8 4.8 4.8 - - -
Loans and advances 556.3 963.3 192.8 91.3 72.4 606.8
Investment securities 37.0 67.3 0.4 0.5 3.9 62.5
669.7 1107.0 269.6 91.8 76.3 669.3
Financial liabilities
Other payables (29.0) (29.0) (29.0) - - -
Interest bearing liabilities (601.7) (670.7) (448.7) (11.8) (150.3) (59.9)
Lease liability (3.6) (4.4) (0.9) (0.9) (1.8) (0.8)
Derivative financial liability (2.5) (2.5) (0.4) (0.5) (1.6) -
(636.8) (706.6) (479.0) (13.2) (153.7) (60.7)
Carrying amount Gross nominal inflow/ (outflow) Amounts due in less than 6 months Amounts due in 6 - 12 months Amounts due between one and five years Amounts due in more than 5 years
£'m £'m £'m £'m £'m
£'m
As at 31 March 2024 (restated)
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 55.7 55.7 55.7 - - -
Other receivables 5.8 5.8 5.8 - - -
Loans and advances 477.0 739.3 218.5 97.8 48.7 374.3
Investment securities 41.1 46.8 1.3 1.3 44.2 -
579.6 847.6 281.3 99.1 92.9 374.3
Financial liabilities
Other payables (25.6) (25.6) (25.6) - - -
Interest bearing liabilities (514.6) (586.6) (63.4) (357.5) (96.6) (69.1)
Derivative financial liability (2.0) (2.0) (0.3) (0.3) (1.4) -
Lease liability (2.3) (2.6) (0.7) (0.7) (1.2)
(544.5) (616.8) (90.0) (358.5) (99.2) (69.1)
3. Segmental analysis
Current year
The Group's lending operations are carried out solely in the UK, under the
Groups LendInvest Mortgages and Capital Divisions, reflective of the product
offerings. The results and net assets of the Group are derived from the
provision of property related loans only. The following describes the
operations of the two reportable segments for the 6 months ended 30 September
2024:
LendInvest Mortgages
LendInvest Mortgages provides mortgages to both professional BTL landlords and
Homeowners as well as a range of short-term mortgages.
LendInvest Capital
The LendInvest Capital division provides larger, more structured finance
primarily to property developers and larger Bridging loans & houses the
Fund and Self-Select Platform.
The segmental analysis of the condensed consolidated interim statement of
profit and loss is as follows:
6 months to 30 September 2024 Mortgages Capital Central Total
£'m £'m £'m £'m
Statement of Profit and Loss Information (Unaudited)
Net interest income 2.6 3.4 - 6.0
Net fee income 7.0 4.3 - 11.3
Net other income 0.1 - - 0.1
Net segment operating income 9.7 7.7 - 17.4
Administrative expenses (7.6) (0.9) (8.4) (16.9)
Impairment (losses)/gains on financial assets (1.0) (1.4) 0.2 (2.2)
Total segment operating expenses (8.6) (2.3) (8.2) (19.1)
Segment profit/(loss) before tax 1.1 5.4 (8.2) (1.7)
Central administrative expenses represent the cost of providing central
services that are not directly attributable to the operating segments.
The segmental analysis of the condensed consolidated interim statement of
financial position is as follows:
As at 30 September 2024 Mortgages Capital Central Total
£'m £'m £'m £'m
Statement of Financial Position Information (Unaudited)
Loans and advances 429.6 126.7 - 556.3
Investment in securities 37.0 - - 37.0
Total segment assets 466.6 126.7 - 593.3
Cash and cash equivalents 71.6 71.6
Other receivables - - 8.2 8.2
Corporation tax receivable - - 3.0 3.0
Property, plant and equipment - - 3.0 3.0
Net investment in sublease - - 0.4 0.4
Intangible fixed assets - - 10.2 10.2
Deferred taxation - - 3.5 3.5
Total Assets 466.6 126.7 99.9 693.2
Liabilities
Interest bearing liabilities (317.4) (284.3) - (601.7)
Total segment liabilities (317.4) (284.3) - (601.7)
Other payables - - (29.0) (29.0)
Lease liabilities - - (3.6) (3.6)
Derivative financial liability - - (2.5) (2.5)
Total liabilities (317.4) (284.3) (35.1) (636.8)
4. Interest and similar income
6 months to 6 months to
30 September 2024 30 September 2023
£'m £'m
(Unaudited) (Unaudited)
Interest income calculated using the effective interest rate method
On loans and advances to customers 27.0 32.1
On investment securities 1.3 0.9
On cash deposits 0.6 0.5
Total interest income calculated using the effective interest rate method 28.9 33.5
Other interest and similar income
On derivative financial instruments and hedge accounting (0.3) (0.3)
Total other interest and similar income (0.3) (0.3)
Total interest and similar income 28.6 33.2
5. Interest expense and similar expense
6 months to 6 months to
30 September 2024 30 September 2023
£'m £'m
(Unaudited) (Unaudited)
On amounts due to funding partners (16.2) (22.6)
On debt securities in issue (4.8) (3.6)
Funding line cost amortisation (1.6) (1.3)
Total interest expense and similar charges (22.6) (27.5)
6. Net fee income
6 months to 6 months to
30 September 2024 30 September 2023
£'m £'m
(Unaudited) (Unaudited)
Fee income on loans and advances 5.3 1.7
Fee income on asset management 6.5 5.9
Fee income on origination of loans to third parties 3.9 0.2
Fee income 15.7 7.7
Fee expense on origination of loans to third parties (0.2) (0.5)
Fee expense on asset management (4.2) (0.6)
Fee expense (4.4) (1.1)
Net fee and commission income 11.3 6.6
7. Derecognition of financial assets
6 months to 6 months to
30 September 2024 30 September 2023
£'m £'m
(Unaudited) (Unaudited)
Net loss on sale of loans and loan portfolios - (10.7)
Net gains on derecognition of securitised loan portfolios - 10.8
Net gains on derecognition of financial assets - 0.1
8. Share-based payments
Company Share and Share Option Plans
During the period ended 30 September 2024, the Group granted awards under the
Long Term Incentive Plan (LTIP) and the Deferred Bonus Plan (DBP, which forms
part of the LTIP) to certain employees and granted a free share award under a
Share Incentive Plan (SIP) to all eligible employees.
Share plan Number of options/awards granted during the 6 months ended 30 September 24 Number of options/awards granted during the 12 months ended 31 March 24
LTIP 5,100,000 2,719,000
DBP 92,611 1,366,361
SIP 1,452,854 1,020,662
The grant of shares or options under these schemes may be made on an annual or
on an ad hoc basis.
There were no options or awards which vested in the LTIP in the period. During
the period a total of 1,219,454 awards vested under the DBP, a total of
167,034 awards vested under the SIP and a total of 355,500 awards vested under
the Company Share Option Plan (CSOP). In the period to 30 September 2024
5,100,000 options/awards were granted in the LTIP (2023: 2,719,000), 92,611
were granted in the DBP (2023: 1,366,361) and 1,452,854 (2023: 1,020,662)
granted in the SIP.
Share and Share Option expense recognised
During the six months ended 30 September 2024, the Group recognised £0.7
million credit in the income statement as a result of true-ups and expenses to
the company share and share option plans.
6 months ended 30 September 2024 6 months ended 30 September 2023
£'m £'m
(Unaudited) (Unaudited)
The expense is included in administrative expenses (0.7) 1.0
9. Taxation on (loss) on ordinary activities
The Group is subject to all taxes applicable to a commercial company in the
United Kingdom. The UK business profits of the Group are subject to UK income
tax at the prevailing basic rate of 25% (2023: 25%).
As of 30 September 2024, the Group had £3.5m in net deferred tax assets
(DTAs) (31 March 2024: net deferred tax asset of £3.3m). These DTAs/DTLs
include:
Assets of £0.3m (31 March 2024: Assets of £0.4m) related to temporary
differences arising between the tax base of share-based payments and the
carrying amount;
Liabilities of £0.1m (31 March 2024: Liabilities of £0.1m) related to
temporary differences arising between the tax base of property, plant and
equipment and the carrying amount;
Liabilities of £2.7m (31 March 2024: Liabilities of £2.1m) related to the
fair value reserve on loans and advances, cash flow hedge reserve and fair
value hedge reserve;
Assets of £0.1m (31 March 2024: Assets of £0.1m) related to the ECL
provision on transition to IFRS 9;
Assets of £0.1m (31 March 2024: Assets of £0.1m) related to transition to
IFRS 16; and
Liabilities of £0.1m (31 March 2024: Assets of £0.2m) related to accelerated
deductions from research and development activity.
10. Loans and advances
As at 30 September As at 31 March
2024 2024
£'m £'m
(Unaudited) (Audited)
Gross loans and advances 554.8 477.0
ECL provision (11.3) (8.5)
Fair value adjustment (*) 12.8 8.5
Loans and advances 556.3 477.0
(*) Fair value adjustment to gross loans and advances due to classification
as FVTOCI. Fair value adjustments are a function of changes in discount rates
on the Group's loan assets. The changes in the underlying variables during the
period and effect on fair value is discussed in Note 20.
ECL provision
Movement in the period £'m
Under IFRS 9 at 1 April 2024 (Audited) (8.5)
Additional provisions made during the period(1) (3.2)
Utilised in the period(2) 0.4
Under IFRS 9 at 30 September 2024 (Unaudited) (11.3)
Movement in the period £'m
Under IFRS 9 at 1 April 2023 (Audited) (9.1)
Additional provisions made during the period(1) (8.1)
Utilised in the period(2) 1.2
Recoveries of amounts previously written off 0.5
Under IFRS 9 at 30 September 2023 (Unaudited) (15.5)
(1) The ECL provision of £11.3m (March 2024: £8.5m) is stated including the
expected credit losses incurred on the interest income recognised on stage 3
loans and advances. The net ECL impact on the income statement for the period
to 30 September 2024 is £2.2m (March 2024: £8.4m). This includes the £2.4m
(March 2024: £15.9m) of impairment provisions shown in the income statement
and the total impact of expected credit losses on income recognised on stage 3
loans and advances using the effective interest rate is £0.8m (March 2024:
£1.4m).
(2)Loans that are written off can still be subject to enforcement activities
in order to comply with the Group's procedures for recovery of amounts due.
The contractual amount outstanding on loans and advances that have previously
been written off and are still subject to enforcement activity is £18.0m
(March 2024: £4.8m).
Analysis of loans and advances by stage
As at 30 September 2024 Stage 1 Stage 2 Stage 3 Total
£'m £'m £'m £'m
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Gross loans and advances 350.9 122.0 81.9 554.8
ECL provision (0.1) (0.6) (10.6) (11.3)
Fair value adjustment 10.5 2.0 0.3 12.8
Loans and advances 361.3 123.4 71.6 556.3
The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is
90%. The maximum LTV on Stage 3 loans is 165% and the total value of
collateral (capped at the gross loan value) held on stage 3 loans is £80.7m.
As at 31 March 2024 Stage 1 Stage 2 Stage 3 Total
£'m £'m £'m £'m
(Audited) (Audited) (Audited) (Audited)
Gross loans and advances 305.2 89.1 82.7 477.0
ECL provision (0.1) (0.5) (7.9) (8.5)
Fair value adjustment 6.9 1.5 0.1 8.5
Loans and advances 312.0 90.1 74.9 477.0
The maximum LTV on stage 1 loans is 86%. The maximum LTV on stage 2 loans is
242%. The maximum LTV on stage 3 loans is 195%. The average LTV on stage 1
loans is 67%. The average LTV on stage 2 loans is 70%. The average LTV on
stage 3 loans is 67% and the total value of collateral (capped at the gross
loan value) held on stage 3 loans is £76.8 million.
Credit risk on gross loans and advances
The table below provides information on the Group's loans and advances by
stage and risk grade.
Risk grades detailed in the table range from 1 to 10 with a risk grade of 1
being assigned to cases with the lowest credit risk and 10 representing cases
in default. Equifax Risk Navigator (RN) scores are used to assign the initial
Risk Grade score with additional SICR rules used to generate the final Risk
Grade.
As at 30 September 2024 Stage 1 Stage 2 Stage 3 Total
£'m £'m £'m £'m
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Risk Grades 1 - 5 350.9 86.4 - 437.3
Risk Grades 6 - 9 - 35.6 - 35.6
Default - - 81.9 81.9
Total 350.9 122.0 81.9 554.8
As at 31 March 2024 Stage 1 Stage 2 Stage 3 Total
£'m £'m £'m £'m
(Audited) (Audited) (Audited) (Audited)
Risk Grades 1 - 5 305.2 81.0 - 386.2
Risk Grades 6 - 9 - 8.1 - 8.1
Default - - 82.7 82.7
Total 305.2 89.1 82.7 477.0
Impairment provisions are calculated on an expected credit loss ('ECL') basis.
Financial assets are classified individually into one of the categories below:
Stage 1 - assets are allocated to this stage on initial recognition and remain
in this stage if there is no significant increase in credit risk since initial
recognition. Impairment provisions are recognised to cover 12-month ECL, being
the proportion of lifetime ECL arising from default events expected within 12
months of the reporting date.
Stage 2 - assets where it is determined that there has been a significant
increase in credit risk since initial recognition, but where there is no
objective evidence of impairment. Impairment provisions are recognised to
cover lifetime probability of default. An asset is deemed to have a
significant increase in credit risk where:
● The creditworthiness of the borrower deteriorates such that their
risk grade increases by at least one grade compared with that at origination;
● The borrower falls more than one month in arrears;
● LTV exceeds 85% for Bridging loans; and
● For Development assets, where a development will not meet practical
completion by the date anticipated at origination.
● 30 days prior to maturity for bridging loans.
Stage 3 - assets where there is objective evidence of impairment, i.e. they
are considered to be in default. Impairment provisions are recognised against
lifetime ECL. For assets allocated to stage 3, interest income is recognised
on the balance net of impairment provision.
Purchased or originated credit impaired ('POCI') - POCI assets are financial
assets that are credit impaired on initial recognition. On initial
recognition, they are recorded at fair value. ECLs are only recognised or
released to the extent that there is a subsequent change in the ECLs. Their
ECLs are always measured on a lifetime basis.
Where there is objective evidence that asset quality has improved, assets will
be allocated to a lower risk category. For example, loans no longer in default
(stage 3) will be allocated to either stage 2 or stage 1. Evidence that asset
quality has improved will include:
● repayment of arrears;
● improved credit worthiness; and
● term extensions and the ability to service outstanding debt.
If a loss is ultimately realised, it is written off against the provision
previously provided for with any excess charged to the impairment provision in
the statement of profit and loss.
Critical accounting estimates relating to the impairment of financial assets:
The calculation of ECLs requires the Company to make a number of assumptions
and estimates. The accuracy of the ECL calculation would be impacted by
movements in the forward-looking economic scenarios used, or the probability
weightings applied to these scenarios and by unanticipated changes to model
assumptions that differ from actual outcomes.
The key assumptions and estimates that, depending on a range of factors, could
result in a material adjustment in the next financial year relate to the use
of forward-looking information in the calculation of ECLs and the inputs and
assumptions used in the ECL models.
Additional information about both of these areas is set out below.
Forward-looking information
The Company incorporates forward-looking information into the calculation of
ECLs and the assessment of whether there has been a significant increase in
credit risk ('SICR'). The use of forward-looking information represents a key
source of estimation uncertainty. The Company uses three forward-looking
economic scenarios:
1. a central scenario aligned to the Company's business plan;
2. a downside scenario as modelled in the Company's risk management
process; and
3. an upside scenario representing the impact of modest improvements to
assumptions used in the central scenario.
The macroeconomic data inputs applied in determining the Group's expected
credit losses are sourced from Oxford Economics (a third-party provider of
global economic forecasting and analysis).
Oxford Economics combines two decades of forecast errors with its quantitative
assessment of the current risks facing the global and domestic economy to
produce robust forward-looking distributions for the economy.
Using specific percentile points in the distribution of several key metrics
such as GDP, unemployment, house prices and commercial real estate prices, we
receive three alternative scenarios relating to a base case (most likely),
downside (broadly equivalent to a 1-in-10 year event) and a moderate upside
scenario. Our assumptions on the likely out turn represents a weighted average
of these three scenarios provided by Oxford Economics, and are detailed below:
As at 30 September 2024
Macro Assumptions 2025 2026 2027 2028 2029 2030 2031 2032 2033
Real GDP Growth (% Growth YoY)
Base 1.75% 1.72% 1.65% 1.63% 1.55% 1.51% 1.51% 1.48% 1.52%
Upside 5.16% 2.82% 2.53% 1.48% 1.41% 1.36% 1.36% 1.33% 1.37%
Downside -0.86% 1.15% 1.43% 1.74% 1.67% 1.62% 1.62% 1.59% 1.63%
Unemployment (%)
Base 4.20% 3.98% 3.85% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Upside 2.78% 2.20% 2.04% 2.07% 2.19% 2.31% 2.44% 2.56% 2.68%
Downside 5.82% 6.69% 6.82% 6.52% 6.32% 6.12% 5.93% 5.73% 5.53%
House Price Inflation (Residential, % Growth YoY)
Base 1.17% 2.42% 3.53% 4.24% 4.16% 3.22% 2.65% 2.64% 2.87%
Upside 3.54% 6.49% 6.59% 4.02% 3.94% 3.00% 2.44% 2.42% 2.66%
Downside -6.80% -2.43% -0.25% 4.67% 4.59% 3.64% 3.07% 3.06% 3.29%
Commercial Real Estate (% Growth YoY)
Base 4.09% 3.59% 3.10% 2.15% 1.54% 1.37% 1.13% 1.01% 0.95%
Upside 12.03% 4.64% 2.87% -0.05% -0.03% 0.00% 0.07% 0.16% 0.16%
Downside -1.72% 3.28% 3.97% 3.81% 2.86% 2.43% 1.98% 1.69% 1.50%
As at 31 March 2024
Macro Assumptions 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Real GDP Growth (% Growth YoY)
Base 0.52% 2.02% 1.96% 1.64% 1.61% 1.55% 1.54% 1.53% 1.51% 1.46%
Upside 3.39% 5.17% 3.10% 2.35% 1.46% 1.40% 1.39% 1.38% 1.37% 1.31%
Downside -1.96% -0.31% 1.41% 1.50% 1.72% 1.66% 1.65% 1.64% 1.63% 1.57%
Unemployment (%)
Base 4.00% 3.90% 3.80% 3.80% 3.80% 3.80% 3.80% 3.80% 3.80% 3.80%
Upside 3.50% 2.40% 2.10% 2.10% 2.20% 2.30% 2.40% 2.50% 2.70% 2.80%
Downside 4.60% 5.70% 6.63% 6.84% 6.63% 6.42% 6.21% 6.01% 5.80% 5.59%
House Price Inflation (Residential, % Growth YoY)
Base 1.77% 2.22% 5.47% 5.12% 3.50% 2.82% 2.53% 2.74% 3.16% 3.44%
Upside 5.10% 6.27% 9.41% 6.19% 3.27% 2.59% 2.30% 2.52% 2.93% 3.21%
Downside -4.80% -3.26% 0.28% 4.19% 3.91% 3.22% 2.93% 3.14% 3.56% 3.84%
Commercial Real Estate (% Growth YoY)
Base 3.25% 4.35% 4.02% 3.03% 2.07% 1.60% 1.30% 1.10% 0.95% 0.78%
Upside 14.19% 7.27% 4.99% 1.24% 0.12% 0.04% 0.05% 0.09% 0.13% 0.12%
Downside -5.69% 3.17% 4.17% 4.34% 3.57% 2.79% 2.26% 1.87% 1.57% 1.29%
GDP, unemployment rates and HPI are key metrics that indicate the appetite for
credit within the economy, the ability of borrowers to service debt and value
of underlying securities that underpin credit risk management; all of which
directly impact the Group's operational activities and success.
The probability weightings applied to the above scenarios are another area of
estimation uncertainty. They are generally set to ensure that there is an
asymmetry in the ECL. The probability weightings applied to the three economic
scenarios used are as follows:
6 months ended 30 September 2024 6 months ended 31 March 2024
Base 40% 40%
Upside 20% 20%
Downside 40% 40%
The Group undertakes a review of its economic scenarios and the probability
weightings applied at least quarterly and more frequently if required. The
results of this review are recommended to the Audit Committee and the Board
prior to any changes being implemented.
Impairment charge sensitivity analysis
Analysis shows the sensitivity of the impairment charge under different
macroeconomic scenarios.
Single factor scenarios Overall impairment charge Increase (£m)
A 20% increase in unemployment 11.4 0.1
10% increase in Forced Sale Discount 11.8 0.5
Systemic macroeconomic scenarios
100% Downside 13.2 1.9
100% Upside 9.2 (2.1)
Model estimations
ECL calculations are outputs of complex models with a number of underlying
assumptions regarding the choice of variable inputs and their
interdependencies. The Group considers the key assumptions impacting the ECL
calculation to be within the PD and LGD. Sensitivity analysis is performed by
the Group to assess the impact of changes in these key assumptions on the loss
allowance recognised on loans and advances.
A summary of the key assumptions and sensitivity analysis as at 30 September
2024 is provided in the following table:
Assumption Sensitivity analysis
Unemployment A 20% increase in the unemployment rate would increase the total loss
allowance by £0.1m
Forced sale discount A 10% absolute increase in the forced sale discount would increase the loss
allowance cost on loans and advances to customer by £0.5m
Critical judgements relating to the impairment of financial assets
The Company reviews and updates the key judgements relating to impairment of
financial assets bi-annually, in advance of the Interim Financial Report and
the Annual Report and Accounts. All key judgements are reviewed and
recommended to the Audit & Risk Committee for approval prior to
implementation.
Assessing whether there has been a significant increase in credit risk
('SICR')
If a financial asset shows a SICR, it is transferred to Stage 2 and the ECL
recognised changes from a 12-month ECL to a lifetime ECL. The assessment of
whether there has been a SICR requires a high level of judgement. The
assessment of whether there has been a SICR also incorporates forward-looking
information. The Company considers that a SICR has occurred when any of the
following have occurred:
1. The overall creditworthiness of the borrower has materially worsened,
indicated by a migration to a higher risk grade (see below for risk grades and
probability of default ("PDs") by product);
2. Where a borrower is currently one month or more in arrears;
3. Where a borrower has sought some form of forbearance;
4. Where the overall leverage of the account has surpassed a predetermined
level. 75% Loan to Gross Development Value for bridging loans and 85% for all
other products;
5. Where a short-term bridging loan has less than one month before maturity;
and
6. Where there is a material risk that a development loan will not reach
practical completion on time.
These factors reflect the credit lifecycle for each product and are based on
prior experience as well as insight gained from the development of risk
ratings models (probability of default).
Stage 2 criteria are designed to be effective indicators of a SICR. As part of
the bi-annual review of key impairment judgements, the Company undertakes
detailed analysis to confirm that the Stage 2 criteria remain effective. This
includes (but is not limited to):
● Criteria effectiveness: this includes the emergence to default for
each Stage 2 criterion when compared to Stage 1; Stage 2 outflow as a
percentage of Stage 2; percentage of new defaults that were in Stage 2 in the
months prior to default; time in Stage 2 prior to default; and percentage of
the book in Stage 2 that are not progressing to default or curing.
● Stage 2 stability: this includes stability of inflows and outflows
from Stage 2 and 3.
● Portfolio analysis: this includes the percentage of the portfolio
that is in Stage 2 and not defaulted; the percentage of the Stage 2 transfer
driven by Stage 2 criterion other than the backstops; and back-testing of the
defaulted accounts.
For low credit risk exposures, it is permitted to assume, without further
analysis, that the credit risk on a financial asset has not increased
significantly since initial recognition if the financial asset is determined
to have low credit risk at the reporting date. The Group has opted not to
apply this low credit risk exemption.
A summary of the Risk grade distribution is provided in the table below. As
the Company utilises three different risk rating models, three separate PDs
have been provided for each portfolio. Risk Grades 1-9 are for non-defaulted
accounts with 10 indicating default. Therefore, all Stage 3 loans are assigned
to this grade. As stated above, degradation in a borrower's creditworthiness
is an indication of SICR. Therefore, as shown in the table below, Stage 2 loan
distributions are in the main assigned to risk grades higher than Risk Grade
1.
Balances (£m) ECL (£m) Probability of default
Risk Grade Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Bridging Development Buy to let Residential
RG1 326.0 0.3 - (0.1) - - 7% 0% 0% 0%
RG2 15.1 39.4 - - (0.1) - 12% 1% 1% 1%
RG3 5.7 29.8 - - (0.1) - 19% 1% 2% 2%
RG4 2.5 8.1 - - (0.1) - 30% 2% 3% 3%
RG5 1.6 8.8 - - (0.1) - 45% 4% 4% 4%
RG6 - 30.5 - - (0.2) - 69% 8% 7% 7%
RG7 - 2.8 - - - - 79% 13% 9% 9%
RG8 - 0.8 - - - - 88% 22% 12% 12%
RG9 - 1.5 - - - - 93% 36% 16% 16%
RG10 - - 81.9 - - (10.6) 100% 100% 100% 100%
Total 350.9 122.0 81.9 (0.1) (0.6) (10.6) - - - -
Determining whether a financial asset is in default or credit impaired
When there is objective evidence of impairment and the financial asset is
considered to be in default, or otherwise credit-impaired, it is transferred
to Stage 3. The Company's definition of default follows product-specific
characteristics allowing for the provision to reflect operational management
of the portfolio. Below is a short description of each product type and the
Company's definition of default as specific to each product.
Bridging Loans - Bridging loans are short-term loans designed for customers
requiring timely access to funds to facilitate property purchases. Typically,
loans involve residential securities, however, commercial, semi-commercial and
land is also taken as security. A bridging loan is considered to be in default
if a borrower fails to repay their loan after 30 days and does not seek an
authorised extension; or it is structured and the loan is two months in
arrears.
Development Loan - Development loans support borrowers looking to undertake a
significant property or site development. The resulting site should be for
residential purposes only. Loan terms are typically for the short term (less
than three years) with no structured repayments. A development loan is defined
as being in default if it has not been redeemed 60 days after the maturity of
the loan.
The Company does not apply the rebuttable presumption that default does not
occur later when a financial asset is 90 days past due. The Group does not
apply the rebuttable presumption that default does not occur later when a
financial asset is 90 days past due.
Residential Loans - These are longer term loans to borrowers looking to
purchase or refinance their primary residence. Loan terms are typically for
more than 20 years and will be repaid in monthly instalments of capital and
interest. A residential loan is defined as being default when the level of
arrears reaches the equivalent of 3 monthly instalments or the borrower is
declared bankrupt.
Buy-To-Let Loans - These are longer term loans to borrowers looking to
purchase or refinance an investment property. The loan must be secured against
a residential property and the borrower must not reside in the property. Loan
terms are typically for more than 20 years and will be repaid on an interest
only basis with the principle being repaid at the end of the loan. A
residential loan is defined as being default when the level of arrears reaches
the equivalent of 3 monthly instalments or the borrower is declared bankrupt.
Improvement in credit risk or cure
There is no cure period assumed for loans showing improvement in credit risk.
This means that any loan that does not meet the SICR criteria is assigned to
Stage 1.
11. Investment securities
As at 30 September 2024 As at 31 March 2024
£'m £'m
(Unaudited) (Audited)
Investment securities 37.0 41.1
Total 37.0 41.1
The investment securities of £37.0m (2023: £41.1m) represent the retained
risk retention in the form of debt securities issued by unconsolidated
structured entities as part of the securitisation transactions of Mortimer
2021, Mortimer 2022 and Mortimer 2023 that are retained by the group. The £4m
movement of investment securities is the repayment of the Class A notes for
the occurred during the quarterly interest payment dates.
12. Property, plant and equipment
Computer equipment Furniture Leasehold improvements Right of use Total
£'m and fittings £'m asset £'m
Cost £'m £'m
Balance as at 31 March 2024 0.4 0. 1 0.4 5. 2 6.1
Additions - - 0.1 2.0 2.1
Disposals - - -
Balance as at 30 September 2024 0.4 0. 1 0. 5 7.2 8.2
Accumulated depreciation and impairment Computer equipment £'m Furniture Leasehold improvements £'m Right of use asset £'m Total
and fittings £'m
£'m
Balance as at 31 March 2024 0.3 0. 1 0.3 4.1 4.8
Charge for the period - - - 0.4 0.4
Balance as at 30 September 2024 0.3 0. 1 0. 3 4.5 5.2
Net carrying value
Balance as at 31 March 2024 0.1 - 0.1 1.1 1.3
Net additions - - 0.1 1.6 1.7
Disposals - - - - -
Balance as at 30 September 2024 0.1 - 0. 2 2.7 3.0
In June 2024, the company signed a new commercial lease for employee office
space in Glasgow, with a lease term expiring in June 2032. The net increase in
Right-of-Use (ROU) assets for the reporting period is £1.6 million, which
reflects the initial recognition of the ROU asset for the Glasgow lease of
£2.0 million, as well as depreciation for the period of £0.4 million, split
between £0.1 million for the Glasgow office space and £0.3 million for the
London office space.
13. Lease arrangements
As at 30 September 2024 As at 31 March 2024
£'m £'m
Premises
Due within a year 1.6 1.4
Due between 1-5 years 1.2 0.9
Due later than 5 years 0.8 -
3.6 2.3
Future minimum payments under non-cancellable leases:
The Group has a dilapidation requirement to return the leased office to the
specification as per the lease agreement. The dilapidation is expected to be
£20.00 per square foot and the total dilapidation is expected to be £204k.
The Group and the Company have no significant contingent liabilities at the
period end.
14. Intangible fixed assets
Internally developed software has been capitalised as an intangible fixed
asset and is being amortised over a useful economic life of five years. During
this period, the Group capitalised internal costs of £1.2m (the six months
ended 30 September 2023: £2.2m). Amortisation: During the six months ended 30
September 2024, the Group amortised £1.7m against intangible fixed assets
(the six months ended 30 September 2023: £1.4m).
15. Interest bearing liabilities
As at 30 September 2024 As at 31 March 2024
£'m £'m
(Unaudited) (Audited)
Funds from investors and partners 600.5 514.0
Accrued interest 4 .4 3.9
Unamortised funding line costs (3.2) (3.3)
601.7 514.6
Funds from investors and partners increased by net £86.5m primarily driven by
repayment to existing funders of £83.8m and repayment to new funding from a
global alternative investment manager of £5.2m offset by funding received
from existing funders of £119.4m and new funding from a global alternative
investment manager of £44.5m and a Credit fund of £4.2m.
Retail bond subscriptions of £7.4m were also received, and additional funding
line professional fee costs incurred of £1.5m.
16. Reconciliation of liabilities arising from financing activities
Interest bearing liabilities Leases Derivatives (*)
£'m £'m £'m
31 March 2023 (Audited) (1,159.3) (3.3) 46.0
Cash flows (2.5) 1.4 (24.7)
Deconsolidation of subs 662.5 - (25.9)
Movement in accrued interest 0.4 - -
Fair value changes - - 2.6
Amortisation of funding line costs (3.7) - -
Investment Securities (12.0) - -
Lease liability interest (0.3)
Dilapidations provision (0.1) -
31 March 2024 (Audited) (514.6) (2.3) (2.0)
Cash flows (85.0) 0.9 (2.6)
Movement in accrued interest (0.5)
Amortisation of funding line costs (1.6)
Fair value changes - - 2.1
Leases finance expense - (0.3) -
ROU asset - addition - (1.9)
Other - -
30 September 2024 (Unaudited) confirm to BS (601.7) (3.6) (2.5)
(*) Derivatives as at 31/03/23 was an asset
17. Financial instruments
Principal financial instruments
The principal financial instruments used by the Group, from which financial
instrument risk arises, are loans and advances, other receivables, cash and
cash equivalents, loans and borrowings, derivatives, and other payables.
Categorisation of financial assets and financial liabilities
With the exception of loan commitments classified as fair value through profit
or loss, all financial assets of the Group are carried at amortised cost or
fair value through other comprehensive income as at 30 September 2024 and 31
March 2024 depending on the business model under which the Group manages the
financial assets. All financial liabilities of the Group are carried at
amortised cost as at 30 September 2024 and 31 March 2024 due to the nature of
the liability, with the exception of derivatives that are measured at fair
value.
Financial instruments measured at amortised cost, rather than fair value,
include cash and cash equivalents, other receivables, other payables and
interest-bearing liabilities. Due to their short-term nature, the carrying
value of cash and cash equivalents, other receivables, and other payables
approximates their fair value.
(a) Carrying amount of financial instruments
A summary of the financial instruments held by category is provided below:
As at 30 September 2024 As at 31 March 2024
£'m £'m (restated)
(Unaudited) (Audited)
Financial assets at amortised cost
Cash and cash equivalents 71.6 55.7
Other receivables 8.2 5.8
Loans and advances(3) - 10.2
Investment securities 37.0 41.1
Financial assets at fair value through other comprehensive income
Loans and advances 556.3 466.8
Financial assets at fair value through profit and loss
Total financial assets 673.1 579.6
Financial liabilities at amortised cost
Other payables (29.0) (25.6)
Interest bearing liabilities (601.7) (514.6)
Lease liabilities (3.6) (2.3)
Derivative financial liability (2.5) (2.0)
Total financial liabilities (636.8) (544.5)
(3) As at 31 March 2024 the Group held these loans valued at amortised cost
within the accounts. The portfolio of BTL loans that had previously been held
at amortised costs as at 31 March 2024 are now being held at fair value
through other comprehensive income as at 30 September 2024 as a result of a
change in classification to 'hold to collect and sell'.
(b) Carrying amount versus fair value
The following table compares the carrying amounts and fair values of the
Group's financial assets and financial liabilities.
As at 30 September 2024 As at 30 September 2024 As at 31 March 2024 As at 31 March 2024
£'m £'m £'m (restated) £'m (restated)
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial assets
Cash and cash equivalents 71.6 71.6 55.7 55.7
Other receivables 8.2 8.2 5.8 5.8
Loans and advances 556.3 556.3 477.0 477.0
Investment securities 37.0 37.2 41.1 41.2
Total financial assets 673.1 673.3 579.6 579.7
As at 30 September 2024 As at 30 September 2024 As at 31 March 2024 As at 31 March 2024
£'000 £'000 £'000 £'000
Carrying Amount Fair Value Carrying Amount Fair Value
(Unaudited) (Unaudited) (Audited) (Audited)
Financial liabilities
Other payables (29.0) (29.0) (25.6) (25.6)
Interest bearing liabilities (601.7) (575.6) (514.6) (508.1)
Derivative financial liability (2.5) (2.5) (2.0) (2.0)
Lease liabilities (3.6) (3.6) (2.3) (2.3)
Total financial liabilities (636.8) (610.7) (544.5) (538.0)
The fair value of Retail Bond 3 interest bearing liabilities is calculated
based on the mid-market price of 89.35 on 30 September 2024 (price of 86.3
on 31 March 2024).
The fair value of Retail Bond 4 interest bearing liabilities is calculated
based on the mid-market price of 100.73 on 30 September 2024 (price of 100.1
on 31 March 2024).
Loans and advances are classified as fair value through other comprehensive
income and any changes to fair value are calculated based on a fair value
model using level 3 inputs and recognised through the Statement of Other
Comprehensive Income. Interest bearing liabilities are classified at amortised
cost and the fair value measured using either level 1 inputs or discounted
cash flow valuations in the table above is for disclosure purposes only.
(c) Fair value hierarchy
The level in the fair value hierarchy within which the financial asset or
financial liability is categorised is determined on the basis of the lowest
level input that is significant to the fair value measurement. Financial
assets and liabilities are classified in their entirety into only one of the
three levels. The fair value hierarchy has the following levels:
1. Quoted prices (unadjusted) in active markets for identical assets or
liabilities;
2. Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. prices) or
indirectly (i.e. derived from prices); and
3. Inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
The objective of valuation techniques is to arrive at a fair value measurement
that reflects the price that would be received to sell the asset or paid to
transfer the liability in an orderly transaction between market participants
at the measurement date.
As at 30 September 2024 Level 1 Level 2 Level 3
£'m
Financial instruments £'m £'m £'m
Interest rate swap * (Unaudited) (2.5) - (2.5) -
Loans and advances* (Unaudited) 556.3 - - 556.3
*Measured at fair value
For all other financial instruments, the fair value is equal to the carrying
value and has not been included in the table above.
As at 31 March 2024 Level 1 Level 2 Level 3
Financial instruments £'m £'m £'m £'m
Interest rate swap* (Audited) (2.0) - (2.0) -
Loans and advances* (Audited) 466.8 - - 466.8
*Measured at fair value
Level 2 instruments include interest rate swaps which are either two, three or
five years in length. These lengths are aligned with the fixed interest
periods of the underlying loan book. These interest rate swaps are valued
using models used to calculate the present value of expected future cash flows
and may be employed when there are no quoted prices available for similar
instruments in active markets.
Level 3 instruments include loans and advances. The valuation of the asset is
not based on observable market data (unobservable inputs). Valuation
techniques include net present value and discounted cash flow methods. The
assumptions used in such models include benchmark interest rates and borrower
risk profile. The objective of the valuation technique is to determine a fair
value that reflects the price of the financial instrument that would have been
used by two counterparties in an arm's length transaction.
Financial instrument Valuation techniques used Significant unobservable inputs Range
Loans and advances Discounted cash flow valuation Prepayment Rate 1% - 16%
Probability of default Discount Rate 0% - 100%
5% - 11%
In the 6 month period to September 30(th) 2024 Lendinvest reclassified its
loans and advances held at amortised costs to FVTOCI. This was due to the
portfolio of loans changing from "held to collect" to "held to collect and
sell" due to the loans being included in the Mortimer 2024 securitisation
occurring post period end.
(d) Fair value reserve
Fair Value Reserve
Six months to 30 September 2024 Gross Deferred tax Net
£'m
£'m £'m
Balance as at 1 April 2024 (Audited) 8.5 (2.1) 6.4
Fair value movement during the period 4.3 (1.1) 3.2
Less : Release of fair value on hedged items to profit & loss (2.0) 0.5 (1.5)
Fair value reserve at 30 September 2024 (Unaudited) 10.8 (2.7) 8.1
Information about sensitivity to change in significant unobservable inputs
The significant unobservable inputs used in the fair value measurement of the
reporting entity's loans and advances are prepayment rates, probability of
default and discount rates. Significant increase / (decrease) in any of those
inputs in isolation would result in a lower / (higher) fair value measurement.
A change in the assumption of these inputs will not correlate to a change in
the other inputs.
Sensitivity Analysis
Impact of changes in unobservable inputs Gain or (loss) at 30 September 2024 +100bps -100bps
£'m £'m £'m
Prepayment rates (Unaudited) 0.3 (0.3) 0.3
Discount rate (Unaudited) 10.1 (10.1) 10.3
18. Derivatives held for risk management and hedge accounting
As at 30 September 2024 As at 31 March 2024
Unaudited Audited
Instrument type Asset Liability Asset Liability
£'m £'m £'m £'m
Interest rate swap 2.5 - 2.0
All derivatives are accounted for at fair value for the purpose of hedging
fair value risk exposures associated with the BTL and Homeowner mortgage
portfolios. The net notional principal amount of the outstanding interest rate
swap contracts at 30 September 2024 was £263.5m (31 March 2024: £148.3m).
19. Share capital
As at 30 September 2024 As at 31 March 2024
number number
(Unaudited) (Audited)
Issued and fully paid up
Ordinary shares of £0.0005 each 142,782,025 141,032,025
142,782,025 141,032,025
As at 30 September 2024 As at 31 March 2024
£'m £'m
Issued and fully paid up (Unaudited) (Audited)
Ordinary Shares of £0.0005 each 0.1 0.1
0.1 0.1
Share premium As at 30 September 2024 As at 31 March 2024
£'m £'m
(Unaudited) (Audited)
Closing balance 55.2 55.2
The balance on the share capital account represents the aggregate nominal
value of all ordinary and preferred shares in issue. There is no maximum
number of shares authorised by the articles of association.
The balance on the share premium account represents the amounts received in
excess of the nominal value of the ordinary and preferred shares. All ordinary
and preferred shares have a nominal value of £0.0005.
Reconciliation of movements during the period
Ordinary Shares
As at 1 April 2024 141,032,025
Shares issued on exercise of company share option scheme options 1,750,000
As at 30 September 2024 142,782,025
The shares granted under the SIP were sourced from the EBT.
On 20 August 2024, the company issued a further 1,750,000 ordinary shares into
the EBT to satisfy the expected exercise of vested share options held by
employees under the Company's share plans.
20. Earnings per share
(a)
Basic earnings per share 6 months ended 30 September 2024 6 months ended 30 September 2023
(Unaudited) (Unaudited)
Pence/share Pence/share
Total basic earnings per share attributable to the ordinary equity holders of (0.8) (8.5)
the Group
(b)
Diluted earnings per share 6 months ended 30 September 2024 6 months ended 30 September 2023
(Unaudited) (Unaudited)
Pence/share Pence/share
Total diluted earnings per share attributable to the ordinary equity holders (0.8) (8.5)
of the Group
(c) Number of shares used as denominator
6 months ended 30 September 2024 6 months ended 30 September 2023
(Unaudited) (Unaudited)
Number of ordinary shares used as the denominator in calculating basic 141,282,696 137,965,198
earnings per share
Adjustments for calculations of diluted earnings per share: Options - -
Number of ordinary shares and potential ordinary shares used as denominator in 141,282,696 137,965,198
calculating diluted earnings per share
The loss after tax reported in the consolidated statement of profit and loss,
£1.2m (30 September 2023: loss after tax £11.8m), is the numerator
(earnings) used in calculating earnings per share.
21. Dividends
No dividends (2023: £0.0mil) were paid during the period but a dividend was
paid out in October 2023 of £4.5m. No final dividend in respect of
the year ended 31 March 202 4 was paid during the period. The
Board is not recommending the payment of an interim dividend in respect of the
6 months ended 30 September 2024.
22. Related party transactions
Key management personnel compensation
Key management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the Group. Key
management is defined as the directors of LendInvest plc.
6 months ended 30 September 2024 6 months ended 30 September 2023
£m £m
(Unaudited) (Unaudited)
Salary & bonus 0.5 0.5
Short-term non-monetary benefits - -
Defined contribution pension cost - -
Share based payments - -
Total 0.5 0.5
There were no other related party transactions during the period to 30
September 2024 that would materially affect the position or performance of the
Group.
23. Events after reporting date
On 6 November 2024, the business successfully completed its sixth public
market securitisation transaction in respect of a £290m mixed BTL and
owner-occupied loan portfolio. This transaction generated a cash inflow of
c£14m which is available for new lending and general business purposes. Due
to the size of the transaction, the business intends to reduce the current
surplus capacity in its warehouse facilities for lending by c£180m, thereby
reducing ongoing commitment fees.
Glossary
Alternative Performance Measures
In the reporting of financial information, the Directors have adopted various
alternative performance measures (APMs). APMs should be considered in addition
to IFRS measurements. The Directors believe that these APMs assist in
providing useful information on the underlying performance of the Group,
enhance the comparability of information between reporting periods, and are
used internally by the Directors to measure the Group's performance. They are
not necessarily comparable to other entities' APMs.
Assets under Management ('AuM')
The Group defines AuM as the sum of (i) the total amount of outstanding loans
and advances (including accrued interest, before impairment provisions and
fair value adjustments), as reported on an IFRS basis in the notes to the
accounts in the Group's Financial Statements, and (ii) off-balance sheet
assets, which represents the total amount of outstanding loans and advances
(including accrued interest) that the Group originates but does not hold on
its balance sheet, comprising those loans that are held by its off-balance
sheet entities. Off-Balance Sheet Assets are not presented net of any
impairment provisions relating thereto.
The Directors view AuM as a useful measure because it is used to analyse and
evaluate the volume of revenue-generating assets of the platform on an
aggregate basis and is therefore helpful for understanding the performance of
the business.
The following table provides a reconciliation from the Group's reported gross
loans and advances.
As at 30 September 2024 (£m) As at 30 September 2023 (£m)
Unaudited
Gross Loans and advances 556.3 822.4
Off-Balance Sheet Assets 2,388.8 1,872.7
Platform AuM 2,945.1 2,695.1
Funds under Management ('FuM')
The Group defines FuM as the aggregate sum available to the Group under each
of its funding lines. The Group's FuM are used to originate revenue generating
AuM. The Directors view the difference between the Group's FuM and Platform
AuM as the headroom for future growth.
New lending/loan origination -
The Group defines new lending as the total new money lent on loans which have
originated in the period, or when an existing product has been refinanced with
a new loan.
Diluted earnings per share -
The Group defines diluted earnings per share as earnings per share divided by
the weighted average number of dilutive shares including adjustments for share
options.
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