REG - Lendinvest PLC LendInvest PLC-LINV - LendInvest plc H1 FY26 Interim Financial Statement
Today 07:00
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RNS Number : 5468K Lendinvest PLC 08 December 2025
8 December 2025
LendInvest plc
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
LendInvest H1 FY26: Strong Lending Drives Profitability.
LendInvest plc (LSE: LINV; "LendInvest", the "Company" or the "Group") is a leading alternative property finance platform in the UK. The LendInvest Mortgages Division provides a range of long- term and short-term mortgages to both professional Buy-to-Let landlords and Homeowners. The LendInvest Capital Division provides larger, more structured finance primarily to property developers and investors.
Introduction
LendInvest plc today reports its unaudited results for the six months ended 30
September 2025. The Group has maintained its recent momentum, profitable
for the second consecutive period, supported by strong lending volumes and
continued operational efficiency. The strategy to grow through a
capital-efficient, technology-enabled platform is now embedded, with
performance reflecting sustained delivery across the business.
Summary Financials
Unaudited As at As at Change
30 September 30 September 2024
2025
(restated)
£m £m
Funds under management (FuM) 5,312.6 4,670.0 14%
Platform assets under management (AuM) 3,445.2 2,945.1 17%
Of which: Third Party assets under management 2,605.3 2,388.8 9%
Net assets 72.7 56.4 29%
Unaudited 6 months ended 6 months ended Change
30 September 2025 30 September 2024 (restated)
£m £m
New lending 663.6 539.1 23%
Net interest income 9.3 6.0 55%
Net fee income 11.6 10.6 9%
Net operating income 21.5 16.7 29%
Total operating expenses (20.3) (19.1) 6%
Gain/(loss) in adjusted EBITDA 3.7 (0.3) n/m
Profit/(loss) before tax 1.2 (2.4) 150%
Profit/(loss) after tax 0.9 (1.9) 147%
Diluted earnings per share 0.6p (1.3p) 146%
1 Definitions are consistent with the FY 2025 Annual Report
2 New lending includes all new lending originated for third-party Funding and
Principal Investments
3 Comparisons where the percentage change is >200% or <200% are deemed
not meaningful (n/m)
CEO's Statement (Rod Lockhart)
Delivering Profitable and Scalable Growth
H1 FY26 marks another period of consistent execution, confirming that the
structural realignment and disciplined focus initiated in FY24 are now firmly
embedded in our business-as-usual operations.
Our financial performance demonstrates this progress. Adjusted EBITDA for the
6 months to 30(th) September 2025 rose to £3.7m, underscoring the scalability
and efficiency of our platform. Profit before tax increased to £1.2m, marking
our second consecutive half of positive PBT profitability and extending a
clear upward trajectory in earnings up from a Loss before tax of £(2.4)m for
the same period in FY25. Meanwhile we also delivered a £0.9m Profit After
Tax result.
Our model combines recurring fee income from third-party capital with interest
income from our own principal investments - a balanced, capital-efficient
platform designed to deliver sustainable growth.
In the first six months, new lending increased 23% to £663.6m, driven by a
leaner, more automated operation that continues to enhance productivity and
throughput, particularly across Buy-to-Let, and increasingly through a focus
on easier product transfer. This growth was achieved without increasing fixed
overheads, highlighting the strength of our operating leverage.
Our funding and capital position remains robust, with Platform Assets under
Management up 17% to £3.45bn and Funds under Management reaching £5.31bn -
providing unutilised funding facilities of £1.87bn. The continued commitment
of tier-one institutional partners demonstrates confidence in our platform and
provides a strong foundation for further expansion. Outside of the reporting
period, in October, we completed our seventh consecutive RMBS securitisation -
a pool of £270m mortgages and £40m pre-funding of UK Prime mortgages; and we
also delivered our fifth Retail Bond, raising £75m to help support further
growth in lending and pay down shorter term, higher cost, debt.
As we look ahead, our focus remains on disciplined execution - scaling
lending, protecting margins, and compounding profitability. While we
experienced some temporary slowdown in property purchase activity ahead of the
November Budget, performance for the full year is expected to remain in line
with market expectations. With a proven model and growing momentum, LendInvest
is well positioned to capture the next phase of growth as market conditions
improve.
Rod Lockhart,
CEO, LendInvest
Analysts and investors presentation: 9.00am on December 8(th) 2025
A webcast for analysts and investors will be hosted by Rod Lockhart, Chief
Executive Officer; Hugo Davies, Chief Capital Officer and MD LendInvest
Mortgages; and Stephen Shipley, Chief Financial Officer at 9.00am today,
December 8 2025. A playback facility will also be available in due course.
To access the webcast, please register here
(https://sparklive.lseg.com/LENDINVEST/events/7a16cae7-9f0f-4e2b-a2c2-ff6971b7de3a/lendinvest-plc-full-year-results-2025)
Enquiries:
LendInvest
Rod Lockhart, Chief Executive Officer
Hugo Davies, Chief Capital Officer & MD of LendInvest Mortgages
Stephen Shipley, Chief Financial Officer
Chris Semple, Head of Corporate Communications & Investor
Relations
press@lendinvest.com
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.
Inside information
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 (as it forms part of retained EU law as defined in
the European Union (Withdrawal) Act 2018).
Our Business Model
LendInvest originates, manages and distributes alternative property lending
across Buy-to-Let, Residential, Development and Short-Term Mortgages to both
individuals and businesses. Our proprietary platform supports origination,
underwriting, servicing and portfolio management, enabling consistent
decision-making, efficient processing and a high level of control over credit
outcomes.
We deploy capital from a diversified range of institutional and private
investors, including banks, pension funds, insurance companies, asset managers
and retail bondholders. Capital is allocated across separate accounts, bank
facilities, securitisations and funds, allowing funding to be matched to
product type, duration and risk profile.
How we generate income
Our revenue model is built around three complementary streams:
1. Third-party Revenue
Recurring fees earned on assets managed on behalf of institutional investors,
including:
· Management fees
· Performance fees
· Servicing fees
2. Origination & Structuring Fees
Fees generated when new loans are originated, regardless of whether they are
retained on balance sheet or transferred to third-party funding partners.
3. Principal Investment Income
Net interest income earned on loans that we retain on our own balance sheet.
This creates a balanced, capital-efficient revenue model, combining
predictable recurring fees with margin from selectively retained assets.
Why the model scales
Our platform is built to increase throughput without expanding fixed cost.
Automation, case-handling workflow and data-led / AI powered underwriting mean
that loan volumes can grow while headcount remains broadly stable.
As originations increase, Fee income scales, Servicing income scales, Fixed
costs remain flat, and profitability increases. This is our operating
leverage, and it is now being delivered in practice, evidenced by:
· Growing lending volumes
· Higher product retention
· Lower fixed cost base
· Growing profitability
Risk profile and discipline
Credit risk is managed through:
· Credit appetite and models iterated through more than £8.57bn of
lending across 17-years
· Real-time portfolio monitoring and early-warning analytics
· Distribution of credit risk through institutional partnerships
and securitisation
This approach allows the Group to grow lending while maintaining risk
discipline and capital efficiency, supporting sustainable returns through the
cycle.
Business Performance
Overview
The Group delivered another period of consistent progress, with strong new
lending, continued operational leverage, and a second consecutive half of
positive profitability. The strategy to scale lending through a
capital-efficient platform is now firmly embedded, with earnings reflecting
continued progress in operational leverage.
Lending Performance
Lending grew strongly year-on-year, supported by a scalable platform and
strong broker demand.
· New lending increased 23% to £663.6m (HY25: £539.1m),
reflecting sustained momentum across core products.
· Buy-to-Let remained the primary driver of growth, supported by
improved process efficiency and continued product transfer activity.
o YoY increase of 82% in Bridge to Let - helping more customers move faster
from initial finance products to longer term BTL mortgages.
· Short-Term Mortgages and Development Finance remained stable,
with disciplined deployment and a strong forward pipeline.
· Retention strategy successful: The introduction of a new
retention strategy and two Retention Specialist roles helped increase the
retention rate by 63% in H1 FY26 (31%) compared to the whole of FY25 (19%).
· The business has now lent more than £8.57bn since inception (as
of 30(th) September 2025).
We enter the second half with a well-diversified lending pipeline and
continued momentum across brokers and repeat borrowers.
· Strong uplift across all customer journeys: We delivered
significant year-on-year (Sept 30 2024 compared to Sept 30 2025) Net Promoter
Score ("NPS") improvements, starting with a 17.6% increase in Offer NPS (from
85 to 100 points) and a 20.0% rise in Completion NPS (from 50 to 60 points).
Most notably, our Customer Onboarding NPS increased by 62 points (from 12 to
74), reflecting the successful impact of operational enhancements in this key
area.
Operational Efficiency
Operational efficiency continues to strengthen, providing clear operating
leverage as lending scales.
· Underlying headcount reduced c.4.8% year-on-year, with capacity
maintained through platform efficiency and workflow automation.
· Underlying fixed costs reduced, with the increase in total
administrative expenses reflecting:
o normalisation of share-based payment charges (HY26: £0.4m vs HY25: £0.7m
credit),
o the return of performance-linked incentive accruals, and
o a £0.2m non-recurring restructuring charge.
· Following work to streamline our Product Transfer journey, we
removed the requirement for pound-for-pound borrowing to be underwritten,
enabling our underwriters to support 20% more new business than in FY25.
· Offer to completion average for BTL in H1 FY26 is 32 days, down
from 36 days in March.
This demonstrates that the platform is scaling efficiently, and supports
further earnings progression as lending grows.
Profitability
The Group delivered a second consecutive profitable half, with earnings
improving year-on-year.
· Adjusted EBITDA improved to £3.7m (HY25: £(0.3)m).
· Profit before tax increased to £1.2m, compared to a £2.4m loss
in HY25.
· Profit after tax £0.9m, compared to a £1.9m loss in HY25
· Earnings quality continued to improve, with growth driven by both
net interest income (up 55% to £9.3m) and net fee income (up 9% to £11.6m).
Profitability is now sustainable, with earnings increasingly reflecting
operating leverage rather than one-off movements.
Funding & Capital
The Group's capital position remains strong and continues to be diversified.
· Platform Assets under Management increased 17% to £3.45bn (HY25:
£2.95bn).
· Funds under Management increased 14% to £5.31bn, supported by
continued commitment from institutional partners.
Post period end:
· Seventh RMBS securitisation completed post-period, with a pool of
£270m prime UK mortgages alongside £40m in pre-funding; further validating
asset quality and providing additional capacity to scale lending.
· The Group also extended its debt maturity profile through the
issuance of its fifth retail bond, a 8.25% Note due in 2030, replacing
shorter-dated debt with longer-term more cost-effective funding and creating
greater flexibility to support continued lending growth.
This capital base provides the platform and flexibility to support sustained
lending growth.
Market Context
The UK housing market continues to be shaped by long-term supply constraints.
New build activity remains subdued, with planning approvals and housing
delivery levels well below the Government's stated ambitions. Recent
construction PMI data indicates contraction in residential building activity,
and industry surveys continue to highlight the effect of capacity and
regulatory bottlenecks on the timing and feasibility of development projects,
particularly for small and medium-sized builders.
Delays associated with planning and building safety regulation remain a
significant factor influencing project timelines and development confidence.
While policy reform measures are underway, resource pressures in local
planning departments and evolving regulatory requirements continue to lengthen
approval cycles. This environment has particularly affected SME house
builders, who play an important role in local housing delivery.
Borrower sentiment also continues to reflect broader economic conditions.
While inflation has moderated and interest rate expectations have stabilised,
swap rate movements and uncertainty over the near-term monetary policy path
have resulted in careful decision-making among property investors,
landlords, and developers. Build costs, while easing from last year's peaks,
remain elevated in key trades and materials, affecting development appraisals
and project viability.
For professional landlords, regulatory considerations and evolving rental
market dynamics have encouraged a focus on upgrading, repositioning and
retaining properties rather than rapid portfolio expansion. This has supported
increased demand for bridge-to-term and product transfer solutions, where
borrowers seek flexible funding during refurbishment, improvement or
change-of-use phases before transitioning to longer-term financing structures.
Against this backdrop, specialist lenders continue to provide an important
source of finance to both SME developers and professional landlords. The
ability to underwrite complex property transactions, support refurbishment and
upgrade activity, and provide continuity of funding through different stages
of the investment cycle remains central to sustaining activity across the
residential investment and development sectors. The Group's platform and
funding model are well positioned to support this segment of the market as
conditions continue to evolve.
Outlook
We enter the second half with a strong lending pipeline, a scalable operating
platform, and a clear trajectory of earnings progression. The recent bond
exchange carries a modest one-off short-term cost as higher-rate notes are
converted into longer-term, lower-cost debt, but it strengthens our balance
sheet, drives down our cost of funding, and enhances earnings capacity over
the medium term. While we also experienced a slight temporary slowdown in
property purchase activity ahead of the November Budget, performance for the
full year is expected to remain in line with market expectations.
The strategy is now embedded and delivering; the focus is on scaling
profitability.
Financial Statements
Condensed Consolidated Income Statement
The summary consolidated statement of profit and loss account for the 6 months
ended 30 September 2025 is shown below. The prior year 6 months ended 30
September 2024 has been restated as described in Note 1.4.
Unaudited 6 months ended 6 months ended Change
30 September 2025 30 September 2024 (restated)
£m £m
Net interest income 9.3 6.0 55%
Net fee income 11.6 10.6 9%
Net gains on derecognition of financial assets 0.6 - N/A
Net other operating income - 0.1 (100%)
Net operating income 21.5 16.7 29%
Administrative expenses (18.3) (16.9) (8%)
Impairment losses on financial assets (2.0) (2.2) 9%
Total operating expenses (20.3) (19.1) (6%)
Proft/(loss) before tax 1.2 (2.4) 150%
(Gains)/losses from derivative hedge accounting (0.3) 0.4 175%
Restructuring costs 0.2 - N/A
Underlying profit/(loss) before tax 1.1 (2.0) 155%
Profit/(loss) after tax 0.9 (1.9) 147%
Gain/(loss) in adjusted EBITDA 3.7 (0.3) n/m
Net Interest Income
Net interest income increased 55% to £9.3m for the six months ended 30
September 2025 (HY25: £6.0m), reinforcing the central role of interest income
in supporting our return to profitability. Growth was underpinned by a 51%
increase in Principal Investment AuM as we built out our balance sheet ahead
of securitisation and a 5bps improvement in NIM to 2.42% (HY25: 2.37%).
This increase reflects disciplined allocation into higher risk-adjusted return
segments while we continue to transition towards a more capital-efficient
platform composition. The proportion of Platform AuM held on balance sheet
increased modestly to 24% (HY25: 19%) as we selectively retained assets to
optimise execution and earnings capture. In parallel, 32% of platform assets
under management are securitised, with our seventh RMBS securitisation
completed post-period, with a pool of £270m prime UK mortgages alongside
£40m in pre-funding, enabling capital recycling, strengthening liquidity and
reducing concentration risk and credit risk exposure.
Although securitised assets remain on balance sheet under IFRS, they carry
materially lower capital intensity than directly funded loans. This supports
the strategic trajectory: balancing targeted interest income capture with
scalable, lower-risk, third-party capital solutions, driving more repeatable,
capital-efficient earnings through the cycle.
Net Fee Income & Net gains on derecognition of financial assets
Net fee income increased 9% to £11.6m for the six months ended 30 September
2025 (HY25: £10.6m), continuing the shift towards a third-party asset
management revenue mix long term strategy. When including Net gains on
derecognition of financial assets, albeit impacted by the timing of
third-party originations, income growth rises to 15% over the period.
During the period we prioritised origination into Principal Investment AuM to
support our seventh RMBS securitisation. We expect the mix to rotate towards
third-party originations in the next six months.
Our strategic emphasis on capital-light, fee-based income is beginning to bear
fruit: delivering structurally higher operating margins, with lower balance
sheet intensity and reduced earnings volatility, thereby reinforcing the
sustainability and scalability of long-term shareholder value creation.
Impairment Losses on Financial Assets
Impairment charges decreased by 9% to £2m for the six months ended 30
September 2025 (HY25: £2.2m).
Administrative Expenses: Total administrative expenses increased £1.4m (8%)
to £18.3m (HY25: £16.9m). However, after normalising for prior-year one-off
Share-Based Payment credits, incentive accrual timing effects, and
re-structure costs underlying costs reduced 2.84%, demonstrating that the core
run-rate expense base continues to trend down.
This evidences ongoing cost discipline and an increasingly efficient operating
footprint, even against a backdrop of higher volumes and intensified delivery
activity.
Unaudited 6 months ended 30 September 2025 6 months ended 30 September 2024 Change
£m £m
Wages and salaries 8.0 7.9 (1)%
Depreciation and amortisation 1.7 1.8 6%
Depreciation of right-of-use asset 0.3 0.4 25%
Fees payable to the auditors for 1.0 1.0 0%
the audit of the financial statements
Fees payable to the auditors for 0.1 0.4 75%
the audit of the prior year financial statements
Lease finance expense 0.1 0.2 50%
Share-based payment charge/(credit) 0.4 (0.7) (157)%
Other operating expenditure 6.7 5.9 (14)%
Total administrative expenses 18.3 16.9 (8)%
Share-based payment charge/(credit) 0.4 (0.7) (157)%
Company bonus 0.6 - N/A
Re-structuring costs 0.2 - N/A
Underlying administrative expenses 17.1 17.6 2.84%
Key drivers of this increase include:
Wages and Salaries: increased £0.1m (1%) to £8.0m (HY25: £7.9m) reflecting
the impact of targeted organisational redesign. Total headcount reduced 4.8%
year-on-year as roles were rationalised and redeployed into
higher-productivity areas. The period includes £0.6m of staff incentive
costs, whereas no incentives were provided in HY25; excluding this timing
effect, underlying wages and salaries reduced 6.7% YoY. The operating-model
transition continues to embed successfully, with the Glasgow hub now
accounting for 43% of total office-based headcount (HY25: 28%), reinforcing a
structurally lower-cost and more scalable delivery platform. Overall, the
modest uplift reflects disciplined cost management alongside improved
execution capacity in priority growth areas.
Depreciation & Amortisation: Decreased £0.1m (6%) to £1.7m (HY25:
£1.8m), reflecting reduced capitalised investment as the business shifts from
build-out into optimisation, extracting greater leverage from the existing
platform and technology estate.
Audit Fees: Fees for the audit of the current-year financial statements
remained flat at £1.0m (HY25: £1.0m). Fees relating to the prior-year audit
decreased 75% to £0.1m (HY25: £0.4m).
Share-Based Payment (SBP) Charge: Moved to a charge of £0.4m (HY25: £0.7m
credit), a 157% swing year-on-year. The prior period benefited from one-off
favourable adjustments linked to leavers, true-ups and timing effects across
the company share and option plans. The current period therefore reflects a
more normalised run-rate of SBP expense.
Other Operating Expenditure: Increased by 14% to £6.7m (HY25: £5.9m),
primarily reflecting £0.4m lower capitalised development costs as major
platform investments transition to optimisation phases, alongside £0.4m
higher loan servicing costs in line with the continued expansion of the loan
book.
Corporation Tax: Tax charge (HY25: credit) comprising 25% Corporation tax
charge on HY26 results.
Adjusted EBITDA
The reconciliation between profit/(loss) after taxation and Adjusted EBITDA
for the 6 months' period ended 30 September 2025 is show below:
Unaudited 6 months ended 30 September 2025 6 months ended 30 September 2024 Change
£m
(restated)
£m
Profit/(loss) after tax 0.9 (1.9) 147%
Corporation tax 0.3 (0.5) (160%)
(Gains)/losses from derivative hedge accounting (0.3) 0.4 (175%)
Share based payment expense/(credit) 0.4 (0.7) (157%)
Depreciation and amortisation 1.7 1.8 6%
Depreciation of right-of-use asset 0.3 0.4 25%
Interest expense - lease liabilities 0.1 0.2 50%
Gain/(loss) in EBITDA 3.4 (0.3) n/m
Exceptional operating expenses 0.2 - N/A
Gain/(loss) in adjusted EBITDA 3.7 (0.3) n/m
(1) Exceptional operating expenses in FY25 relate to restructuring costs
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 six
months ended 30 September 2025 based on these segments is presented below:
Unaudited 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025 6 months ended 30 September 2025
Mortgages Capital Central Group
£m
£m
£m
£m
Total AuM 3,033.0 412.1 - 3,445.1
Principal investments 730.6 109.3 - 839.9
Third party funded 2,302.4 302.8 - 2,605.2
New lending 1,079.2 151.9 - 1,231.1
Net interest income 7.1 2.2 - 9.3
Net fee income 8.0 3.6 - 11.6
Net gains on derecognition of financial assets 0.1 0.5 - 0.6
Net other income - - - 0.0
Net operating income 15.2 6.3 - 21.5
Administrative expenses (9.2) (1.4) (7.7) (18.3)
Impairment on financial assets (0.8) (1.2) - (2.0)
Total operating expenses (10.0) (2.6) (7.7) (20.3)
Profit/(loss) before taxation 5.2 3.7 (7.7) 1.2
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 2025 is presented below.
Unaudited As at As at Change
30 September 2025
30 September 2024
£m
£m
Platform assets under management (AuM) 3,445.2 2,945.1 17%
Principal investments 839.9 556.3 51%
Third party funded 2,605.3 2,388.8 9%
Un-utilised funding facilities 1,867.4 1,724.9 8%
Principal investments 468.1 409.7 14%
Third party funded 1,399.3 1,315.2 6%
Funds under management (FuM) 5,312.6 4,670.0 14%
Principal investments 1,308.0 966.0 35%
Third party funded 4,004.6 3,704.0 8%
Principal Investments FuM grew significantly, increasing by 35% year-on-year,
primarily driven by the successful execution of the Mortimer 2024-MIX
securitisation. This transaction has materially strengthened our funding
capacity and supported the scaling of Principal Investment Assets under
Management (AuM).
Third-Party FuM increased 8% year-on-year, underpinned by continued
commitments from strategic funding partners and reflects the latest
securitisation completed by our third-party capital provider. Together, these
flows reinforce the capital-light model, broadening revenue streams,
increasing fee scalability and further validating the depth of demand across
our core growth segments.
This dual-track growth underscores the successful execution of our strategy to
simultaneously scale principal investments while accelerating Third Party
capital deployment, enhancing both capital efficiency and recurring fee-based
income.
Balance Sheet
Summary of assets, liabilities, and equity for the period.
As At As At Change
30 September
31 March
2025
Audited
£m
2025
Unaudited
(restated)
£m
Audited
Cash and cash equivalents 85.2 68.2 25%
Other receivables 16.3 12.8 27%
Loans and advances 850.8 694.2 23%
Investment securities 20.4 34.7 (41%)
Derivative financial assets 2.2 1.9 16%
Other assets 16.4 20.2 (19%)
Total assets 991.3 832.0 19%
Other payables (56.6) (35.2) 61%
Lease liabilities (5.1) (5.5) (7%)
Derivative financial liabilities (1.1) - N/A
Interest bearing liabilities (855.8) (725.0) 18%
Total liabilities (918.6) (765.7) 20%
Net assets 72.7 66.3 10%
Share capital 0.1 0.1 0%
Share premium 55.2 55.2 0%
Other reserves 23.7 18.6 27%
Retained Losses (6.3) (7.6) 17%
Total equity 72.7 66.3 10%
Net Assets: Net assets have increased by 10% to £72.7m (31 March 2025:
£66.3m) primarily driven by portfolio growth and performance. This uplift
enhances balance sheet resilience and provides additional headroom to support
the Group's medium-term strategic objectives, including planned
capital-markets activity and ongoing investment in scalable growth.
Other Payables/Receivables: Receivables increased due to fee income due from
third parties. Payables increased due to timing of transfers to third party
funders.
Loans & Advances: Loans and advances increased by 23% to £850.8m (31
March 2025: £694.2m), underpinned by a 23% year-on-year increase in new
lending. This reflects the successful execution of our lending strategy, with
continued momentum in origination activity for principal investments using the
balance sheet as well as for third parties.
Investment Securities: Declined in line with the shift towards on-balance
sheet securitisation, positioning the Group for future residual sale
opportunities. No new residual sales were made during the period.
Interest-bearing liabilities: Increased 18% to £855.8m (31 March 2025:
£725m), broadly tracking AuM expansion. The uplift primarily reflects higher
utilisation of existing revolving facilities and the completion of a new
securitisation, positioning the Group for future residual sale opportunities.
Corporate debt facilities reduced 3.1% over the period, evidencing disciplined
leverage management and alignment with a scalable, capital-efficient growth
model.
Dividend
The Board is not recommending an interim dividend for the six months ended 30
September 2025. The Board remains committed to commencing a dividend as soon
as it is prudent to do so.
Cash Flow Statement
As at 30 September 2025, the Group held cash and cash equivalents of £85.2m,
representing a 19% increase year-on-year (30 September 2024: £71.6m). This
growth reflects strong financing inflows and improved operational and funding
efficiency.
Of the total balance, £78.4m is restricted for designated loan funding
purposes (30 September 2024: £57.3m), supporting continued origination
activity within structured funding vehicles.
Unrestricted cash decreased to £6.8m (30 September 2024: £14.3m), reflecting
strategic investment into principal investment growth ahead of securitisation.
Post securitisation the unrestricted cash is now £11.6m (17 November 2025).
Unaudited 6 months to 30 September 2025 £m 6 months to 30 September 2024 £m
Cash (used in) operating activities (125.3) (71.4)
Net cash generated from investing activities 13.4 2.8
Net cash generated from financing activities 128.9 84.5
Net increase in cash and cash equivalents 17.0 15.9
Cash and cash equivalents at beginning of the year 68.2 55.7
Cash and cash equivalents at end of the year 85.2 71.6
Going Concern
The Group's business activities together with the factors likely to affect its
future development and position are set out above.
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 or maybe refinanced during this period, however these are not
considered to be a significant factor in going concern uncertainty.
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, including severe yet plausible downside scenarios,
and that Group will have sufficient funds to meets its liabilities as they
fall due for that period.
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.
Post-period, the Group completed its Seventh RMBS securitisation (£310m pool
including £40m prefund) and launched Retail Bond 5, alongside an exchange
offer for Bond 3 and Bond 4. These transactions generated £15.5m of gross new
proceeds and extended funding maturities by 4 and 5 years, further
strengthening liquidity.
Key Performance Indicators
Platform Assets Under Management (AuM)
Definition:
Platform Assets Under Management (AuM) represents the total loan balance we
have provided to our customers, encompassing both the LendInvest Mortgages and
Capital divisions. This balance reflects the outstanding amount that has not
been repaid by a diverse clientele, including homeowners, property investors,
SME developers, and landlords.
Revenue from our AuM is generated through fee and interest income. Fees
associated with the origination process, such as product, application,
valuation, and legal fees, are charged to the customer. Additional fees,
including servicing, asset management, and performance fees, are charged to
our investors and funding partners. For intermediated loans, expenses such as
procuration fees are paid to brokers, and these costs can vary by product.
AuM can be held either on the Group's balance sheet or off-balance sheet.
On-balance sheet AuM generates interest income, partially offset by funding
costs, including interest and hedging expenses. Strategically, we aim to grow
the proportion of off-balance sheet AuM, where assets are managed on behalf of
investors, generating recurring fee income without associated liquidity and
credit risk..
Platform Funds Under Management (FuM)
Definition:
Platform Funds Under Management (FuM) is the total funding available for
lending from our investors and funding partners. This includes both the funds
already utilised against our Platform AuM and the funding that is either drawn
but unutilised or committed but not yet drawn. FuM excludes any pipeline
capital or ongoing fundraising projects.
We raise funding from a diverse array of financial institutions, institutional
investors, and individuals. Our funding partners, including BNP Paribas, HSBC,
Barclays, Societe Generale, and Lloyds, primarily support our LendInvest
Mortgages products via the Group's balance sheet. Additionally, we manage
third party accounts on behalf of JP Morgan, Chetwood Financial, and other
institutional investors, and serve as the servicer and mortgage originator for
various securitisation programmes. In the LendInvest Capital division, we
raise capital through funds, separate accounts, syndications, and strategic
partnerships.
The funding provided through these investment solutions is used to originate
larger and more complex property finance opportunities. The difference between
FuM and AuM indicates the remaining lending capacity before the need to raise
additional funds or capital for lending.
New Lending
Definition:
New Lending represents total gross originations across both the third-Party
Funding platform and Principal Investment channels, inclusive of all product
transfer activity.
How we measure value for our shareholders
Net Operating Income (NOI)
Definition:
Net Operating Income (NOI) aggregates all revenue from fees and interest
income, subtracting the total interest and fee expenses associated with our
AuM and FuM.
Adjusted EBITDA
Definition:
Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) is a
key measure of underlying profitability. We use an Adjusted EBITDA figure to
exclude non-cash income or expenses. This KPI is important as it supports our
cash flow, supporting reinvestment opportunities or potential distributions.
Our Earnings line, which includes Net Operating Income, already accounts for
directly attributable financing and funding costs against the AuM and FuM.
Profit Before Tax (PBT)
Definition:
Profit Before Tax (PBT) represents the Group's profits before the deduction of
corporation tax, which is the net of NOI and total operating expenses. In a
loss-making year, we may benefit from tax relief.
Diluted Earnings Per Share (EPS)
Definition:
Diluted Earnings Per Share (EPS) measures our Profit After Tax (PAT) earnings
per share, considering all issued share capital plus outstanding options and
equity grants across the Group's share plans. This metric assumes the
conversion of all outstanding equity, providing a comprehensive view of
shareholder value.
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 2025 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 2025 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
05 December 2025
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number OC305127).
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS
Unaudited Note ref Half Year ended 30 September 2025 Half Year ended 30 September 2024
(restated)
£m £m
Interest income calculated using the effective interest rate method 4 35.6 28.9
Other interest and similar income 4 0.3 (0.3)
Interest expense and similar charges 5 (26.6) (22.6)
Net interest income 9.3 6.0
Fee income 6 15.3 15.0
Fee expenses 6 (3.7) (4.4)
Net fee income 11.6 10.6
Net gains on derecognition of financial assets 7 0.6 -
Net other operating income - 0.1
Net operating income 21.5 16.7
Administrative expenses (18.3) (16.9)
Impairment losses on financial assets 11 (2.0) (2.2)
Total operating expenses (20.3) (19.1)
Profit/(loss) before taxation 1.2 (2.4)
Income tax (charges)/credit 10 (0.3) 0.5
Profit/(loss) after taxation 0.9 (1.9)
Unaudited Note ref Half Year ended 30 September 2025 Pence/share Half Year ended 30 September 2024 Pence/share
(restated)
Basic earnings per share 22 0.6 (1.3)
Diluted earnings per share 22 0.6 (1.3)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Unaudited Note Ref 6 months ended 30 September 2025 6 months ended 30 September 2024
(Restated)
£m £m
Profit/(loss) after taxation 0.9 (1.9)
Other comprehensive income:
Items that will or may be reclassified to profit or loss
Fair value gain on loans and advances measured at fair value through other 19 6.5 2.3
comprehensive income
Deferred tax charge on fair value movement 10 (1.6) (0.6)
Other comprehensive income for the year 4.9 1.7
Total comprehensive income/(loss) for the year 5.8 (0.2)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Note ref As at As at
30 September
31 March
2025
2025
(restated)
£m £m
Assets Unaudited Audited
Cash and cash equivalents 9 85.2 68.2
Other receivables 17 16.3 12.8
Corporation tax receivable 2.2 3.2
Loans and advances 11 850.8 694.2
Investment securities 12 20.4 34.7
Derivative financial assets 20 2.2 1.9
Property, plant and equipment 13 5.3 5.8
Intangible assets 14 8.3 9.2
Investment in third parties 0.6 0.5
Deferred taxation asset 10 - 1.5
Total assets 991.3 832.0
Liabilities
Other payables 18 (56.6) (35.2)
Interest bearing liabilities 15 (855.8) (725.0)
Lease liabilities (5.1) (5.5)
Derivative financial liabilities 20 (1.1) -
Total liabilities (918.6) (765.7)
Net assets 72.7 66.3
Equity
Share capital 21 0.1 0.1
Share premium 21 55.2 55.2
Employee share reserve 2.2 2.0
Own share reserve (0.4) (0.4)
Fair value reserve 19 21.9 17.0
Retained losses (6.3) (7.6)
Total equity 72.7 66.3
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 5th December 2025. Signed on behalf of the Board of
Directors by:
Rod Lockhart
Director
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
Share Capital Share premium Own share reserve Employee share reserve Fair value reserve Retained earnings/(losses) Total
£m £m £m £m £m £m £m
Balance at 1 April 2024 (audited) 0.1 55.2 (0.1) 3.8 6.4 (9.9) 55.5
Loss after taxation - - - - - (1.6) (1.6)
Fair value adjustments on loan and advances through OCI - - - - 10.6 - 10.6
Employee share scheme tax - - - - - 0.2 0.2
Shares issued from own share reserve - - (0.3) - - 0.3 -
Transfer of share option costs - - - (1.5) - 1.5 -
Employee share options schemes - - - (0.3) - - (0.3)
Balance at 31 March 2025 (audited) 0.1 55.2 (0.4) 2.0 17.0 (9.5) 64.4
Prior period adjustment - - - - - 1.9 1.9
Balance at 1 April 2025 (restated) 0.1 55.2 (0.4) 2.0 17.0 (7.6) 66.3
Profit after taxation - - - - - 0.9 0.9
Fair value adjustments on loan and advances through OCI - - - - 4.9 - 4.9
Employee share options schemes - - - 0.4 - - 0.4
Employee share scheme tax - - - - - 0.2 0.2
Transfer of share option costs - - - (0.2) - 0.2 -
Balance at 30 September 2025 (unaudited) 0.1 55.2 (0.4) 2.2 21.9 (6.3) 72.7
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Unaudited 6 month period ended 30 September 2025 6 month period ended 30 September 2024
(restated)
Cash flow from operating activities Note ref £m £m
Profit/(loss) after taxation 0.9 (1.9)
Adjusted for:
Amortisation of intangible assets 14 1.7 1.7
Movement in accrued interest on interest bearing liabilities 15 - 0.5
Income tax credit 10 0.1 (0.5)
Derivative and hedge accounting (0.8) (4.2)
Amortisation of Funding line costs 5 1.6 1.6
Impairment provision 11 2.7 2.8
Depreciation of right of-use asset 13 0.3 0.4
Interest expense of lease liability 16 0.3 0.2
Share-based payment charge/(credit) 8 0.4 (0.7)
Net fee and interest income and cost deferrals 1.3 2.2
Net gains on derecognition of loans 7 0.6 -
Income from sublease - (0.1)
Change in working capital
Movement in loans and advances (New originations net of redemptions) (152.2) (80.1)
Derivative settlements 1.0 0.8
Swap initial exchange (1.9) 1.8
Increase in trade and other receivables (3.5) 0.7
Increase in trade and other payables 21.3 3.4
Income taxes paid 0.9 (0.0)
Cash (used in) operating activities (125.3) (71.4)
Cash flow from investing activities
Purchase of property, plant and equipment 13 - (0.1)
Additions to intangibles (capitalised development costs) 14 (0.8) (1.2)
Proceeds from repayment of investment securities 12 14.2 4.0
Income from sublease - 0.1
Net cash from investing activities 13.4 2.8
Cash flow from financing activities
Repayments of funding obtained for risk retention roles (14.4) (4.0)
Repayment of funder liabilities (excluding risk retention funding) (29.4) (84.9)
Funding received from Institutional lenders (excluding risk retention funding) 15 173.8 168.1
Proceeds from issuance of retail bonds - 7.4
Payment of principal elements of finance leases 16 (0.3) (0.4)
Payment of interest expense of finance leases 16 (0.1) (0.2)
Payment of funding line costs (0.7) (1.5)
Net cash generated from financing activities 128.9 84.5
Net increase in cash and cash equivalents 17.0 15.8
Cash and cash equivalents at beginning of the period 68.2 55.7
Cash and cash equivalents at end of the period1 85.2 71.5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (continued)
(1)Cash and cash equivalents include cash of £3.8m (30 September 2024 £3.1m)
received from Platform Investors (treated as restricted) 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 £29.5m during the six months ended 30 September 2025
(the six months ended September 2024: £23.9m) and interest paid was £25.2m
during the six months ended 30 September 2025 (the six months ended September
2024: £20.7m).
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 4 - 8 Maple Street, London, W1T 5HD.
These condensed consolidated interim financial statements of LendInvest plc,
for the six month period ended 30 September 2025, 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 2025
and should be read in conjunction with the March 2025 annual report.
These condensed consolidated interim financial statements are not statutory
accounts. The Group statutory accounts for the year ended 31 March 2025 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 above. 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.
Post-period, the Group completed its Seventh RMBS securitisation (£310m pool
including £40m prefund) and launched Retail Bond 5, alongside an exchange
offer for Bond 3 and Bond 5. These transactions generated £15.5m of gross new
proceeds and extended funding maturities by 4 and 5 years, further
strengthening liquidity.
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 2025.
1.4- Prior Period Adjustments
The Group has restated its Consolidated Statement of Profit and Loss,
Consolidated Statement of Other Comprehensive Income, Consolidated Statement
of Financial Position, Consolidated Statement of Changes in Equity and the
Consolidated Statement of
Flows due to the following prior period adjustments:
PPA 1 -
To reflect a reversal of fee income in relation to platform loans (£0.7m)
that didn't meet the recognition
criteria of IFRS15. This is consistent with the treatment applied for the full
year ended 31/03/2025.
PPA1 is reflected in the table which follows:
30 September 2024 Impact of PPA 1 30 September 2024
(Reported)
(Restated)
£m £m £m
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS
Fee income 15.7 (0.7) 15.0
Net fee income 11.3 (0.7) 10.6
Net gains on derecognition of financial assets 0.0
Net operating income 17.4 (0.7) 16.7
Loss before tax (1.6) (0.7) (2.3)
Loss after taxation (1.2) (0.7) (1.9)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
Loss for the period (1.2) (0.7) (1.9)
Total comprehensive income/(loss) for the period 0.6 (0.7) (0.1)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Equity
Retained losses (8.7) (0.7) (9.4)
Total equity 56.4 (0.7) 55.7
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
Cash flows from operating activities
Loss after taxation: (1.2) (0.7) (1.9)
Decrease in other receivables - 0.7 0.7
The impact of the restatement has been reflected in the Condensed Consolidated
Interim Statement of Changes in Equity.
1.4- Prior Period Adjustments (continued)
PPA 2 -
To reflect the group tax impact from a prior period adjustment with the
interest expense within LendInvest BTL Limited. The entity previously omitted
off-market swap premiums in determining realised gains and losses made by
subsidiary entities which are Special Purpose Vehicles. Realised gains/loss
impacts expenses (deferred consideration) reported by LendInvest BTL Limited.
Whilst this does not have an impact on the overall group profit/loss before
tax, there is a tax impact due to the recognition of expense in an entity
which is not under the securitisation regime for tax. In the half-year
financial information, the adjustment is only reflected in the prior year
results in the condensed consolidated interim statement of financial position
and condensed consolidated interim statement of changes in equity which
present results to 31 March 2025. There is no impact shown for the half year
condensed consolidated interim statement of profit and loss, condensed
consolidated interim statement of comprehensive income and condensed
consolidated interim statement of cash flows as their prior period results are
only shown up to 30 September 2024.
PPA2 is reflected in the table which follows:
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 March 2025 Impact of PPA 2 31 March 2025
(Reported)
(Restated)
£m £m £m
Deferred taxation asset - 1.5 1.5
Deferred taxation liability (0.4) 0.4 -
Net Assets 64.4 1.9 66.3
Equity
Retained losses (9.5) 1.9 (7.6)
Total equity 64.4 1.9 66.3
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:
As at 30 September 2025 Carrying amount Gross nominal inflow/ (outflow) Amounts due within 6 months Amounts due within one year Amounts due post one, less than five year Amounts due in greater than 5 years
£m
£m
£m
£m
£m
£m
Financial assets
Cash and cash equivalents 85.2 85.2 85.2 - - -
Other receivables 12.8 12.8 12.8 - - -
Loans and advances 850.8 1,574.1 185.8 126.7 128.9 1,132.7
Investment securities 20.4 32.2 0.7 9.4 22.1 -
Derivative financial assets 2.2 2.2 0.3 0.2 1.7 -
971.4 1,706.5 284.8 136.3 152.7 1,132.7
Financial liabilities
Other payables (44.7) (44.7) (44.7) - - -
Lease liabilities (5.1) (6.4) (0.4) (0.4) (3.1) (2.5)
Derivative financial liabilities (1.1) (1.1) (0.2) (0.1) (0.7)
Interest bearing liabilities (855.8) (948.9) (16.1) (144.6) (496.4) (291.8)
(906.7) (1,001.0) (61.4) (145.1) (500.2) (294.3)
As at 31 March 2025 Carrying amount Gross nominal inflow/ (outflow) Amounts due within 6 months Amounts due within one year Amounts due post one, less than five year Amounts due in greater than 5 years
£m
£m
£m
£m
£m
£m
Financial assets
Cash and cash equivalents 68.2 68.2 68.2 - - -
Trade and other receivables 9.7 9.7 9.7 - - -
Derivative financial assets 1.9 1.9 0.3 0.2 1.4 -
Loans and advances 694.2 1,246.8 172.4 129.4 100.9 844.1
Investment securities 34.7 48.9 12.2 1.0 35.7 -
808.7 1,375.5 262.8 130.6 138.0 844.1
Financial liabilities
Trade and other payables (26.2) (26.2) (26.2) - - -
Interest bearing liabilities (725.0) (867.2) (26.8) (22.2) (499.4) (318.8)
Lease liabilities (5.5) (6.8) (0.4) (0.4) (3.1) (2.9)
(756.7) (900.2) (53.4) (22.6) (502.5) (321.7)
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
2025:
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 2025 Mortgages Capital Central Total
Unaudited
Consolidated statement of profit and loss information £m £m £m £m
Interest income calculated using the effective interest rate method 28.6 7.0 - 35.6
Other interest and similar income 0.3 - - 0.3
Interest expense and similar charges (21.8) (4.8) - (26.6)
Net interest income 7.1 2.2 - 9.3
Fee income 11.1 4.2 - 15.3
Fee expenses (3.1) (0.6) - (3.7)
Net fee income 8.0 3.6 - 11.6
Net gains on derecognition of financial assets 0.1 0.5 - 0.6
Net other operating - - - -
Net operating income 15.2 6.3 - 21.5
Administrative expenses (9.2) (1.4) (7.7) (18.3)
Impairment losses on financial assets (0.8) (1.2) - (2.0)
Total operating expenses (10.0) (2.6) (7.7) (20.3)
Profit/(loss) before taxation 5.2 3.7 (7.7) 1.2
Central administrative expenses represent the cost of providing central
services that are not directly attributable to the operating segments.
3. Segmental analysis (continued)
6 months to September 2024 (restated) Mortgages Capital Central Total
Unaudited
Consolidated statement of profit and loss information £m £m £m £m
Interest income calculated using the effective interest rate method 19.1 9.8 - 28.9
Other interest and similar income (0.3) - - (0.3)
Interest expense and similar charges (16.2) (6.4) - (22.6)
Net interest income 2.6 3.4 - 6.0
Fee income 10.5 4.2 - 14.7
Fee expenses (3.5) (0.9) - (4.4)
Net fee income 7.0 3.3 - 10.3
Net gains on derecognition of financial assets - 0.3 - 0.3
Net other operating income 0.1 - - 0.1
Net operating income 9.7 7.0 - 16.7
Administrative expenses (7.7) (0.8) (8.4) (16.9)
Impairment losses on financial assets (1.0) (1.4) 0.2 (2.2)
Total operating expenses (8.7) (2.2) (8.2) (19.1)
Profit/(loss) before taxation 1.0 4.8 (8.2) (2.4)
The segmental analysis of the condensed consolidated interim statement of
financial position is as follows:
As at 30 September 2025 Mortgages Capital Central Total
Unaudited
Consolidated statement of financial position information £m £m £m £m
Assets
Loans and advances 753.1 97.7 - 850.8
Total segment assets 753.1 97.7 - 850.8
Cash and cash equivalents - - 85.2 85.2
Trade and other receivables - - 16.3 16.3
Corporate tax receivable - - 2.2 2.2
Property, plant and equipment - - 5.3 5.3
Investment securities - - 20.4 20.4
Derivative financial assets - - 2.2 2.2
Investment in third parties - - 0.6 0.6
Intangible fixed assets - - 8.3 8.3
Total assets - - 140.5 991.3
Liabilities
Interest bearing liabilities (569.1) (286.7) - (855.8)
Total segment liabilities (569.1) (286.7) - (855.8)
Trade and other payables - - (56.6) (56.6)
Lease liabilities - - (5.1) (5.1)
Derivative financial liabilities (1.1) (1.1)
Total liabilities (62.8) (918.6)
3. Segmental analysis (continued)
As at 31 March 2025 Mortgages Capital Central Total
Audited
Consolidated statement of financial position information (restated) £m £m £m £m
Assets
Loans and advances 566.8 127.4 - 694.2
Total segment assets 566.8 127.4 - 694.2
Cash and cash equivalents - - 68.2 68.2
Trade and other receivables - - 12.8 12.8
Corporate tax Receivable - - 3.2 3.2
Property, plant and equipment - - 5.8 5.8
Investment securities - - 34.7 34.7
Derivative financial asset - - 1.9 1.9
Investment in third parties - - 0.5 0.5
Deferred taxation asset - - 1.5 1.5
Intangible fixed assets - - 9.2 9.2
Total assets - - 137.8 832.0
Liabilities
Interest bearing liabilities (445.1) (279.9) - (725.0)
Total segment liabilities (445.1) (279.9) - (725.0)
Trade and other payables - - (35.2) (35.2)
Lease liabilities - - (5.5) (5.5)
Total liabilities (41.1) (766.1)
4. Interest and similar income
Unaudited 6 months to 30 September 2025 6 months to 30 September 2024
Interest income calculated using the effective interest rate method £m £m
On loans and advances to customers 34.2 27.0
On investment securities 0.8 1.3
On cash deposits 0.6 0.6
Total interest income calculated using the effective interest rate method 35.6 28.9
Other interest and similar income
Gain/(loss) 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 35.9 28.6
5. Interest expense and similar charges
Unaudited 6 months to 30 September 2025 6 months to 30 September 2024
£m £m
On amounts due to funding partners (12.7) (16.2)
On debt securities in issue (12.3) (4.8)
Funding line cost amortisation (1.6) (1.6)
Total interest expense and similar charges (26.6) (22.6)
6. Net fee income
Unaudited 6 months to 30 September 2025 6 months to 30 September 2024
(restated)
£m £m
Fee income on loans and advances 1.2 5.3
Fee income on asset management 5.4 6.5
Fee income on origination of loans to third parties 8.7 3.2
Fee income 15.3 15.0
Fee expense on origination of loans to third parties (3.5) (0.2)
Fee expense on asset management (0.2) (4.2)
Fee expense (3.7) (4.4)
Net fee and commission income 11.6 10.6
7. Derecognition of financial assets
Unaudited 6 months to 30 September 2025 6 months to 30 September 2024
£m £m
Net gains on derecognition of financial assets 0.6 -
Net gains on derecognition of financial assets 0.6 -
Net gains on derecognition of financial assets includes the gain on sale of
individual loans to third parties throughout the normal course of business.
8. Share-based payments
Company Share and Share Option Plans
The grant of shares or options under these schemes may be made on an annual or
on an ad hoc basis.
During the period ended 30 September 2025, the Group granted awards under the
Long Term Incentive Plan (LTIP) to certain employees.
Share plan Number of options/awards granted during 6 months ended 30 September 25 Number of options/awards granted during 12 months ended 31 March 25
Unaudited Audited
LTIP 3,025,000 5,100,000
DBP - 92,611
SIP - 1,452,854
In the period to 30 September 2025 3,025,000 options were granted in the LTIP
(2025: 5,100,000). No options or awards were granted in the Deferred Bonus
Plan (DBP), the Share Incentive Plan (SIP) or the Company Share Option Plan
(CSOP) during the period.
During the period ended 30 September 2025 a total of 184,053 awards vested
under the SIP. No options or awards vested under the LTIP, or DBP, or CSOP
during the period.
Share and Share Option expense recognised
During the six months ended 30 September 2025, the Group recognised a £0.4
million expense in relation to the company share and share option plans.
6 months ended 30 September 2025 6 months ended 30 September 2024
£m £m
Unaudited Unaudited
The expense / (credit) is included in administrative expenses 0.4 (0.7)
9. Cash and cash equivalents
The Group separates cash earmarked for payments to trading partners by holding
the cash in segregated bank accounts. A corresponding amount is included
within other payables reflecting the Group's obligation to these counter
parties.
10. 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% (2024: 25%).
As of 30 September 2025, the Group had nil net deferred tax (31 March 2025:
net deferred tax asst of £1.5m). These DTAs/DTLs include:
· Assets of £0.5m (31 March 2025: Assets of £0.2m) related to
temporary differences arising between the tax base of share-based payments and
the carrying amount;
· Liabilities of £7.3m (31 March 2025: Liabilities of £5.7m)
related to the fair value reserve on loans and advances and fair value hedge
reserve;
· Liabilities of £0.1m (31 March 2025: Assets of £0.1m) related
to accelerated deductions from research and development activity;
· Assets of £6.9m (31 March 2025: Assets of £7.0m) related to tax
losses carried forward.
A deferred tax asset has been recognised in respect of all £27.6m of unused
tax losses to the extent that it is probable that future taxable profit will
be available against which the losses can be utilised. This assessment is
based on management forecasts concerning the expected timing of the reversal
of taxable temporary differences and projected future taxable income.
11. Loans and advances
As at 30 September As at 31 March
2025 2025
£m £m
Unaudited Audited
Gross loans and advances 834.3 683.9
ECL provision (15.0) (12.3)
Fair value adjustment (*) 31.5 22.6
Loans and advances 850.8 694.2
(*) 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 18.
ECL provision
Movement in the period £m
Under IFRS 9 at 1 April 2025 (Audited) (12.3)
Additional provisions made during the period1 (2.9)
Utilised in the period2 0.2
Under IFRS 9 at 30 September 2025 (Unaudited) (15.0)
Movement in the period £'m
Under IFRS 9 at 1 April 2024 (Audited) (8.5)
Additional provisions made during the period1 (3.2)
Utilised in the period2 0.4
Under IFRS 9 at 30 September 2024 (Unaudited) (11.3)
(1) The ECL provision of £15.0m (March 2025: £12.3m) 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 2025 is £2.9m (September 2024: £3.1m). This includes the
£2.0m (September 2024: £2.4m) of additional impairment provision in the
income statement and £0.9m (September 2024: £0.7m) of reduced net interest
income recognised on stage 3 loans and advances using the effective interest
rate.
11. Loans and advances (continued)
(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 £8.6m
(March 2025: £8.4m).
Analysis of loans and advances by stage
As at 30 September 2025 Stage 1 Stage 2 Stage 3 Total
Unaudited
£m £m £m £m
Gross loans and advances 632.4 130.9 71.0 834.3
ECL provision (0.3) (0.9) (13.8) (15.0)
Fair value adjustment 27.8 4.0 (0.3) 31.5
Loans and advances 659.9 134.0 56.9 850.8
The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is
135%. The maximum LTV on Stage 3 loans is 808% and the total value of
collateral (capped at the gross loan value) held on stage 3 loans is £70.9m.
As at 31 March 2025 Stage 1 Stage 2 Stage 3 Total
Audited
£m £m £m £m
Gross loans and advances 464.7 129.4 89.8 683.9
ECL provision (0.2) (0.7) (11.4) (12.3)
Fair value adjustment 19.8 2.8 - 22.6
Loans and advances 484.3 131.5 78.4 694.2
The maximum LTV on stage 1 loans is 91%. The maximum LTV on stage 2 loans is
229%. The maximum LTV on stage 3 loans is 91%. The average LTV on stage 1
loans is 71%. The average LTV on stage 2 loans is 72%. The average LTV on
stage 3 loans is 65% and the total value of collateral (capped at the gross
loan value) held on stage 3 loans is £88.7m.
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 2025 Stage 1 Stage 2 Stage 3 Total
Unaudited
£m £m £m £m
Risk Grades 1 - 5 615.3 73.9 - 689.2
Risk Grades 6 - 9 17.1 57.0 - 74.1
Default - - 71.0 71.0
Total 632.4 130.9 71.0 834.3
As at 31 March 2025 Stage 1 Stage 2 Stage 3 Total
Audited
£m £m £m £m
Risk Grades 1 - 5 453.1 74.5 - 527.6
Risk Grades 6 - 9 11.6 54.9 - 66.5
Default - - 89.8 89.8
Total 464.7 129.4 89.8 683.9
11. Loans and advances (continued)
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 is currently more than one month in arrears.
• The borrower has sought some form of forbearance.
• LTV exceeds 85% for Buy-to-Let, Bridging and Residential.
• LTGDV exceeds 75% for development loans.
• The loan is a short term bridging loan and has less than one
month before maturity.
• The development will not meet practical completion by the date
anticipated at origination.
• There is less than one month 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.
11. Loans and advances (continued)
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:
• The baseline scenario reflects the most profitable economic
outlook;
• while a downside scenario accounts for plausible stress
conditions; and
• an upside scenario represents the impact of modest improvements
to assumptions used in the baseline 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 2025
Macro Assumptions 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Real GDP Growth (% Growth YoY)
Base 1.35% 1.02% 1.53% 1.76% 1.61% 1.57% 1.59% 1.57% 1.51% 1.51%
Upside 3.49% 4.73% 2.66% 2.42% 1.47% 1.43% 1.45% 1.43% 1.37% 1.37%
Downside -1.05% -1.33% 0.98% 1.34% 1.73% 1.69% 1.71% 1.69% 1.63% 1.63%
Unemployment (%)
Base 4.86% 4.96% 4.69% 4.30% 4.10% 4.02% 4.00% 4.00% 4.00% 4.00%
Upside 4.39% 3.33% 2.44% 2.21% 2.20% 2.32% 2.47% 2.63% 2.78% 2.93%
Downside 5.26% 6.26% 6.79% 6.73% 6.41% 6.17% 5.99% 5.83% 5.67% 5.51%
House Price Inflation (Residential, % Growth YoY)
Base 1.34% 1.98% 3.12% 5.75% 6.61% 5.23% 3.63% 2.84% 2.75% 3.01%
Upside 3.07% 5.43% 7.14% 8.83% 6.38% 5.01% 3.40% 2.61% 2.52% 2.78%
Downside -1.29% -5.19% -1.78% 1.88% 7.04% 5.65% 4.04% 3.24% 3.15% 3.41%
Commercial Real Estate (% Growth YoY)
Base -0.99% 4.08% 3.44% 2.55% 2.04% 1.64% 1.36% 1.27% 1.03% 0.94%
Upside 4.10% 11.91% 3.99% 1.56% -0.28% -0.01% 0.17% 0.40% 0.40% 0.47%
Downside -5.12% -0.44% 3.73% 3.50% 3.90% 2.96% 2.30% 1.95% 1.52% 1.30%
11. Loans and advances (continued)
As at 31 March 2025
Macro Assumptions 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Real GDP Growth (% Growth YoY)
Base 0.97% 1.46% 1.66% 1.83% 1.68% 1.60% 1.59% 1.58% 1.59% 1.53%
Upside 3.76% 4.68% 2.86% 2.51% 1.53% 1.45% 1.44% 1.43% 1.44% 1.38%
Downside -1.60% -0.78% 1.18% 1.67% 1.79% 1.71% 1.70% 1.69% 1.70% 1.64%
Unemployment (%)
Base 4.50% 4.46% 4.32% 4.14% 4.05% 4.01% 4.00% 4.00% 4.00% 4.00%
Upside 3.93% 2.74% 2.14% 2.05% 2.11% 2.22% 2.35% 2.50% 2.64% 2.79%
Downside 4.97% 5.88% 6.59% 6.71% 6.47% 6.25% 6.07% 5.90% 5.73% 5.56%
House Price Inflation (Residential, % Growth YoY)
Base 1.93% 2.60% 3.92% 5.05% 5.06% 3.89% 3.02% 2.81% 2.93% 3.18%
Upside 5.68% 6.09% 7.88% 6.30% 4.82% 3.66% 2.79% 2.58% 2.70% 3.08%
Downside -4.29% -3.39% -1.13% 4.31% 5.47% 4.29% 3.42% 3.21% 3.33% 3.57%
Commercial Real Estate (% Growth YoY)
Base 2.85% 3.43% 3.40% 2.36% 1.60% 1.35% 1.09% 1.08% 0.96% 0.83%
Upside 13.29% 5.83% 3.64% 0.48% 0.19% 0.09% 0.04% 0.05% 0.05% 0.04%
Downside -5.97% 2.95% 3.97% 4.23% 3.09% 2.41% 1.85% 1.64% 1.37% 1.13%
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 2025 12 months ended 31 March 2025
Base 60% 40%
Upside 10% 20%
Downside 30% 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.
The weightings were changed for September 2025 after discussion with Oxford
Economics.
11. Loans and advances (continued)
Impairment charge sensitivity analysis
Analysis shows the sensitivity of the impairment charge under different
macroeconomic scenarios.
Single factor scenarios Overall impairment charge Increase / (Decrease) £m
£m
A 20% increase in unemployment 15.0 -
10% increase in Forced Sale Discount 16.8 1.8
Systemic macroeconomic scenarios
100% Downside 16.5 1.5
100% Upside 13.2 (1.8)
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
2025 is provided in the following table:
Assumption Sensitivity analysis
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 £1.8m
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).
11. Loans and advances (continued)
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.
Gross loans and advances ECL Probability of default
£m
£m
Risk Grade Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Bridging Development Buy to let Residential
RG1 436.4 0.8 - (0.1) - - 2% 0% 0% 0%
RG2 49.7 25.3 - - (0.1) - 4% 0% 1% 1%
RG3 57.0 19.2 - (0.1) (0.1) - 8% 1% 2% 2%
RG4 46.0 13.9 - (0.1) (0.1) - 14% 1% 3% 3%
RG5 26.2 14.8 - - (0.1) - 25% 2% 4% 4%
RG6 16.3 14.3 - - - - 40% 4% 6% 6%
RG7 0.8 6.2 - - - - 57% 7% 8% 8%
RG8 - 3.9 - - - - 73% 12% 11% 11%
RG9 - 32.5 - - (0.5) - 84% 19% 15% 15%
RG10 - - 71.0 - - (13.8) 100% 100% 100% 100%
Total 632.4 130.9 71.0 (0.3) (0.9) (13.8) - - - -
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.
11. Loans and advances (continued)
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 and Group applies a more stringent quantitative default criterion
than the rebuttable presumption of 90 days past due, ensuring that all
quantitative triggers occur no later than 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 SICR 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.
12. Investment securities
Unaudited As at 30 September 2025 As at 31 March 2025
Audited
£m £m
Retained interest in:
Mortimer BTL 2021-1 PLC 8.6 9.4
Mortimer BTL 2022-1 PLC - 11.1
Mortimer BTL 2023-1 PLC 11.8 14.2
Total 20.4 34.7
The investment securities balance of £20.4m (2025: £34.7m) represents the
retained risk held by the Group. This risk is in the form of debt securities
issued by unconsolidated structured entities as part of the Mortimer 2021 and
Mortimer 2023 securitisation transactions. The £14.3m decrease in investment
securities is attributed to two main events:
1. The repayment of the Class A notes for Mortimer 2021 and Mortimer 2023
that occurred during the quarterly interest payment dates.
2. The exercise of the Mortimer 2022 call option on June 23, 2025, at which
point the Group's holding of the Risk Retention notes was redeemed at par.
13. Property, plant and equipment
Cost Computer equipment Furniture and fittings Leasehold improvements Right of use asset Total
£m £m £m £m £m
Balance as at 31 March 2024 (audited) 0.4 0.1 0.4 5.2 6.1
Additions - - 0.2 5.8 6.0
Disposals - - - (5.1) (5.1)
Balance as at 31 March 2025 (audited) 0.4 0.1 0.6 5.9 7.0
Additions - - - - -
Disposals - - - (0.2) (0.2)
Balance as at 30 September 2025 (unaudited) 0.4 0.1 0.6 5.7 6.8
Accumulated Depreciation Computer equipment Furniture and fittings Leasehold improvements Right of use asset Total
£m £m £m £m £m
Balance as at 31 March 2024 (audited) 0.3 0.1 0.3 4.1 4.8
Charge for the year 0.1 - 0.1 0.8 1.0
Disposals - - - (4.6) (4.6)
Balance as at 31 March 2025 (audited) 0.4 0.1 0.4 0.3 1.2
Charge for the year 0.0 - - 0.3 0.3
Disposals - - - - -
Balance as at 30 September 2025 (unaudited) 0.4 0.1 0.4 0.6 1.5
Net carrying value as at 31 March 2025 (audited) - - 0.2 5.6 5.8
Net carrying value as at 30 September 2025 (unaudited) - - 0.2 5.1 5.3
In the year ended March 31, 2025, the company signed new commercial leases for
employee office space in London & Glasgow. Following a review completed in
connection with the prior year-end audit, the carrying amounts of the lease
liabilities and associated right-of-use (ROU) assets were re-assessed. The
balances for the current period reflect this re-assessment. Depreciation on
right-of-use assets charged to the statement of profit and loss for the
six-month period ended September 30, 2025 amounted to £0.3m, split between
£0.2m for the London office space and £0.1m for the Glasgow office space.
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 £0.8m (the six months
ended 30 September 2024: £1.2m).
Amortisation: During the six months ended 30 September 2025, the Group
amortised £1.7m against intangible fixed assets (the six months ended 30
September 2024: £1.7m).
15. Interest bearing liabilities
As at As at
30 September 2025
31 March 2025
Unaudited
Audited
£m £m
Funds from investors and partners 855.3 725.3
Accrued interest 4.4 4.5
Unamortised funding line costs (3.9) (4.8)
Total 855.8 725.0
Funds from investors and partners increased by net £130m primarily driven by
repayment to existing funders of £43.9m offset by funding received from
existing funders of £173.8m.
16. Reconciliation of liabilities arising from financing activities
Interest bearing liabilities Leases Derivatives
£m £m £m
31 March 2024 (audited) (514.6) (2.3) (2.0)
Cash flows (211.3) 1.5 3.4
Deconsolidation of subsidiaries (0.6) - -
Movement in accrued interest 1.5 - -
Fair value changes - - 0.5
Lease liability interest - (0.3) -
Release of dilapidations provision - 0.1 -
ROU asset addition - (5.7) -
ROU asset disposal - 1.2 -
31 March 2025 (audited) (725.0) (5.5) 1.9
Cash flows (129.9) 0.4 0.8
Lease liability interest - (0.2) -
ROU asset - adjustment - 0.2 -
Amortisation of funding line costs (0.9) - -
Fair value changes - - (1.6)
30 September 2025 (unaudited) (855.8) (5.1) 1.1
17. Other receivables
Other receivables was £16.3m (FY25: £12.8m) primarily due to increased fee
income due from third parties
18. Other payables
Other payables was £56.6m (FY25: £35.2) primarily due to the timing of
transfers to third party funders. Other payables include amounts due for
settlement on set days with funds specifically held and separated from other
operational cash. These funds are held in designated bank accounts and
reported as cash and cash equivalents.
19. 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 2025 As at 31 March 2025
£m £m
Financial assets at amortised cost Unaudited Audited
Cash and cash equivalents 85.2 68.2
Other receivables 12.8 9.7
Investment securities 20.4 34.7
Financial assets at fair value through other comprehensive income
Loans and advances 850.8 694.2
Financial assets at fair value through profit and loss
Derivative financial assets 2.2 1.9
Total financial assets 971.4 808.7
As at 30 September 2025 As at 31 March 2025
£m £m
Financial liabilities at amortised cost Unaudited Audited
Other payables (56.6) (35.2)
Interest bearing liabilities (855.8) (725.0)
Lease liability (5.1) (5.5)
Financial liabilities at fair value through profit and loss
Derivative financial liabilities (1.1) -
Total financial liabilities (918.6) (765.7)
( )
( )
19. Financial instruments (continued)
(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 2025 As at 30 September 2025 As at 31 March 2025 As at 31 March 2025
Unaudited
Unaudited
Audited
Audited
Carrying amount Fair value Carrying amount Fair value
£m £m £m £m
Cash and cash equivalents 85.2 85.2 68.2 68.2
Other receivables 12.8 12.8 9.7 9.7
Loans and advances 850.8 850.8 694.2 694.2
Investment securities 20.4 21.6 34.7 34.8
Derivative financial assets 2.2 2.2 1.9 1.9
Investment in third parties 0.6 0.6 0.5 0.5
Total financial assets 972.0 973.2 809.2 809.3
Other payables (56.6) (56.6) (35.2) (35.2)
Interest bearing liabilities (855.8) (860.0) (725.0) (727.8)
Derivative financial liabilities (1.1) (1.1) - -
Lease liabilities (5.1) (5.1) (5.5) (5.5)
Total financial liabilities (918.6) (922.8) (765.7) (768.5)
The fair value of Retail Bond 3 interest bearing liabilities is calculated
based on the mid-market price of 99.33 on 30 September 2025 (price of 97.48 on
31 March 2025).
The fair value of Retail Bond 4 interest bearing liabilities is calculated
based on the mid-market price of 104.95 on 30 September 2025 (price of 105.6
on 31 March 2025).
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.
19. Financial instruments (continued)
(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 2025 Level 1 Level 2 Level 3
Financial instruments £m £m £m £m
Interest rate swap * (Unaudited) 1.1 - 1.1 -
Loans and advances* (Unaudited) 850.8 - - 850.8
*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 2025 Level 1 Level 2 Level 3
Financial instruments £m £m £m £m
Interest rate swap* (Audited) 1.9 - 1.9 -
Loans and advances* (Audited) 694.2 - - 694.2
*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 0% - 100%
Discount Rate 5% - 11%
19. Financial instruments (continued)
(d) Fair value reserve
Fair Value Reserve
Gross Deferred tax Net
6 months to 30 September 2025 £m £m £m
Fair value reserve balance as at 1 April 2025 22.7 (5.7) 17.0
Fair value movement on loans during the period 9.0 (2.2) 6.8
Less: Recycled to profit and loss as part of sale and maturity of portfolio - - -
Less: Release of fair value on hedged items to profit and loss (2.5) 0.6 (1.9)
Fair value reserve as at 30 September 2025 29.2 (7.3) 21.9
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 +100bps -100bps
£m £m
Prepayment rates (Unaudited) (0.7) 0.7
Discount rate (Unaudited) (22.2) 22.1
20. Derivatives held for risk management and hedge accounting
As at 30 September 2025 Year ended 31 March 2025
Unaudited
Audited
Instrument Type Asset Liability Asset Liability
£m £m £m £m
SONIA indexed interest rate swaps 2.2 (1.1) 1.9 -
Total 2.2 (1.1) 1.9 -
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 2025 was £538.8m (31 March 2025: £390.3m).
21. Share capital
As at 30 September 2025 As at 31 March 2025
Number Number
Issued and fully paid up
Ordinary shares 142,782,025 142,782,025
Total number of shares issued 142,782,025 142,782,025
Ordinary shares held in EBT Trust (773,829) (889,319)
Forfeited ordinary shares held in SIP Trust (317,626) (151,415)
Total number of shares in circulation 141,690,570 141,741,291
As at 30 September 2025 As at 31 March 2025
£ £
Unaudited Audited
Issued and fully paid up
Ordinary shares of £0.0005 each 0.1 0.1
As at 30 September 2025 £'m As at 31 March 2025
£'m
Share premium Unaudited Audited
As at 1st April 2024 55.2 55.2
As at 31st March 2025 55.2 55.2
The balance on the share capital account represents the aggregate nominal
value of all ordinary 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 shares. All ordinary shares have a
nominal value of £0.0005.
Reconciliation of movements during the period
Reconciliation of movements during the period Ordinary shares
As at 1 April 2025 142,782,025
Issue of shares into the Employee Benefit Trust -
As at 30 September 2025 142,782,025
22. Earnings per share
(a) Basic and diluted earnings per share
Unaudited Half Year ended 30 September 2025 Pence/share Half Year ended 30 September 2024 Pence/share
(restated)
Basic earnings per share 0.6 (1.3)
Diluted earnings per share 0.6 (1.3)
22. Earnings per share (continued)
(b) Number of shares used as denominator
Unaudited Half Year ended 30 September 2025 Half Year ended 30 September 2024
Number of shares used as denominator
Number of ordinary shares used as the denominator in calculating basic 139,798,822 141,282,696
earnings per share
Adjustment for calculations of diluted earnings per share 4,778,801 -
Number of ordinary shares and potential ordinary shares used as denominator in 144,577,623 141,282,696
calculating diluted earnings per share
The profit after tax reported in the consolidated statement of profit and
loss, £0.9m (30 September 2024: loss after tax £1.2m), is the numerator
(earnings) used in calculating earnings per share.
23. Dividends
No dividends (2024: £0.0mil) were paid during the period. No final dividend
in respect of the year ended 31 March 2025 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 2025.
24. 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 2025 6 months ended 30 September 2024
£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 2025 that would materially affect the position or performance of the
Group.
25. Events after reporting date
On 27 October 2025, the business successfully completed its seventh public
market securitisation transaction in respect of a £310.6m mixed BTL and
owner-occupied loan portfolio. This transaction generated an unrestricted cash
inflow of c£5.5m which is available for new lending and general business
purposes.
On 18 November 2025 £17.0m and £34.9m of Retail Bond 3 and 4 exchanged into
Retail Bond 5 within LendInvest Secured Income III PLC (LSI III PLC). These
were exchanged at par and a premium of 4.5% (£1.6m) respectively. On the same
day £14.6m of new funding was subscribed, with a further £6.9m retained by
the Issuer through Retail Bond 5 into LSI III PLC. This has been assessed
under IFRS9 as an extinguishment event.
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.
Unaudited As at As At Change
30 September
31 March
2025
2025
£'m
£'m
Gross loans and advances 834.3 683.9 22%
Off-balance sheet assets 2,610.9 2,548.9 2%
Platform AuM 3,445.2 3,232.8 7%
Gross loans and advances % of platform AuM 24% 21% 14%
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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