REG - Orchard Funding Grp - Half Year Results, Trading Update and Review
09/04/2024 07:00
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RNS Number : 7634J Orchard Funding Group PLC 09 April 2024
Orchard Funding Group PLC
("Orchard Funding Group" or the "company" or the "group")
Half Year Results, Trading Update
& Review of the Capital Allocation Policy and the Continued Admission to
Trading on AIM
Half Year Results
Orchard Funding Group, the finance group which specialises in insurance
premium finance and the professions funding market, announces its unaudited
results for the six months ended 31 January 2024.
Highlights:
All amounts are £m unless otherwise stated 6 months to 31 January 2024 6 months to 31 January 2023 % increase/ (decrease)
Lending volume 58.41 46.39 25.92%
Average interest earning assets 62.03 46.53 33.31%
Total revenue 4.65 3.76 23.47%
Net interest income 2.73 2.48 10.00%
Profit before tax 1.08 1.25 -13.60%
Profit after tax 0.81 1.01 -19.80%
EPS (pence) 3.78 4.71 -19.75%
Operating costs (excluding impairment provisions) 1.87 1.57 19.11%
Impairment provisions 0.49 0.02 2350.00%
Average external funding 11.79 10.01 17.78%
Cost of external funds 0.93 0.53 75.47%
Cost of funds/funds ratio 7.90% 5.58% 41.62%
Own resources (net financial assets) 19.18 18.73 2.38%
A more detailed breakdown of the Highlights is contained within the Chief
Financial Officer's summary below.
Trading Update
The company also updates its' shareholders on the following matters:
· It has completed the investigation of the fraud affecting the company
and concluded that the fraud was isolated, does not impact any of the
remaining assets and a similar type of fraud is unlikely to occur in the
future.
· Management does not believe the GAP finance market will recover to
its historic levels and the fall in lending in that market will need to be
recovered through lending in other markets by the company. It should be
noted that this impacts the volume of new business only, and the company will
continue to receive revenue from the existing written business over the
remainder of its three year term.
Review of the Capital Allocation Policy and the Continued Admission to Trading
on AIM
The company notes that the current share price is at a material discount to
its most recently audited net asset value of £17.75m, equating to 83 pence
per ordinary share and, as a result, the board has decided to conduct a
review of its current capital allocation policy and the benefits
of the continued admission of its ordinary shares to trading on AIM. This
review will include considerations as to:
· a return of capital to shareholders, including by way of a potential
on-market buy-back of its ordinary shares or potential tender
offer ("Capital Return");
· whether the benefits of maintaining the company's admission to
AIM are outweighed by the legal and regulatory requirements and
associated costs and in light of the material discount, the company's
inability to attract sufficient interest from institutional and other
investors and low levels of liquidity in trading of the company's ordinary
shares; and
· a combination of the above with a proposed cancellation of the
company's admission to trading on AIM ("Cancellation") coupled with the
Capital Return to enable a partial liquidity event for shareholders who would
be unable or unwilling to hold Ordinary Shares in the company should it seek
to execute a Cancellation.
If a Capital Return or Cancellation is determined to be appropriate by the
board, the company will seek to ensure a partial exit for shareholders. The
company will not put any resolutions resulting from the review to shareholders
unless it reasonably believes that such resolutions would be passed at a
company general meeting.
The board has decided to postpone the decision regarding a payment of an
interim dividend, whilst it conducts the review of its capital allocation
policy.
The board has been notified that Ravi Takhar, the Chief Executive Officer, may
look to acquire shares in the company, subject to compliance with the
company's share dealing policy.
Professional advisers have been appointed to advise the company on its review,
and further updates will be provided as and when appropriate.
Ravi Takhar, Chief Executive Officer of the company, stated:
" The company successfully increased its lending and revenues over the first
half of the year. Due to a number of matters which have been reported to
shareholders we will face significant headwinds in the second half of the year
and we will work to recover the impact on our earnings from these factors.
As a result of the continued and escalating costs of listing having a
significant impact on our earnings, the poor trading of our stock, the lack of
liquidity of the stock and the inability of the company to raise new capital,
we believe a full review of the benefits of continuing to maintain our
admission on AIM should be undertaken. We will continue to focus on the
insurance premium finance and are fully aware of the FCA focus on our key
market. We thank our stakeholders, clients and staff for their continued
support and hard work on behalf of our company."
For further information, please contact:
Orchard Funding Group PLC
+44 (0)1582 346 248
Ravi Takhar, Chief Executive Officer
Liberum (Nomad and Broker)
+44
(0)20 3100 3222
Investment banking
Edward Mansfield
For Investor Relations please go to: www.orchardfundinggroupplc.com
(http://www.orchardfundinggroupplc.com)
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.
Chairman's statement
We have already shared that our business will be impacted by the loss of GAP
Insurance volumes, and as a result of an external fraud. These were both
material and disappointing events. Despite this, I am pleased to note we had a
good first six months, with strong growth in lending volume and total revenue
compared to the same period last year. Profitability has been impacted by
the external fraud, but net of this shows an improvement on the same period
last year.
The group has paid a consistent level of dividend since floating on AIM. The
board has decided to postpone the decision regarding a payment of an interim
dividend as we conduct a review of the capital allocation policy and the
benefits of the continued admission of the company's ordinary shares to
trading on AIM. This decision will allow us maximum flexibility in these
deliberations.
Steven Hicks
Chairman
Chief Financial Officer's summary
There is still a great deal of turbulence in the markets, primarily due to the
two main conflicts at present - Ukraine and Gaza. Inflation is still running
quite high but has fallen for the first time in months to 3.4% in February.
Interest rates also appear to have stabilised although the Bank of England
have not yet cut rates or indicated a loosening of monetary policy.
Against this backdrop, we performed well in H1 2024. Post period end we were
affected by two material events. First, in the light of the FCA's
examination of the selling of GAP insurance products, several providers are
leaving the market. While the margins on this side of our business are not as
high as our other markets, it represented a substantial part of business
written (approx. 12.5% in the six months to January 2024). This is a three
year term product and the impact on total revenue will be seen over the next
three years as the loans are repaid. There has been no impact in this
half-year.
Secondly, we suffered an instance of fraud. This was caused by a fraudulent
introducer creating fraudulent credit agreements. The board initially set
aside a provision of £500k, as notified on 1 March 2024. Subsequent analysis
indicated that the actual potential loss is £398k and the provision has been
adjusted accordingly. The board has conducted a thorough review of its wider
lending book and introducer network to satisfy itself that no fraud risk
exists elsewhere in its current loan book, alongside a review of its systems
and controls and to ensure that the risk that the group suffers a similar
fraud in the future is minimised.
For the six months to 31 January 2024, PBT fell by 13.60%, PAT by 19.80% and
EPS by 19.75%. The full year outturn will be impacted to reflect the loss of
GAP business. The average increase in lending (adjusted for the fraud) is
25.92% higher than the six months to 31 January 2023.
Operating costs excluding impairment losses are 19.11% higher than the
equivalent period last year (£1.87m in 2024 compared to £1.57m in
2023),while the impairment provision has risen by 2,350.00% for the reason
stated in the third paragraph above.
Staff have continued to operate from home which continues to work well for
them and our partners. Our systems have proved effective in managing this
home-working in a seamless manner without any loss in efficiency.
Despite the loss occasioned by the fraud, we are still in a strong financial
position. At 31 January 2024 we had net current assets of £18.62m (31 January
2023 £15.64m) and £7.29m of unused unrestricted borrowing facility (31
January 2023 £8.58m). Together, these show a strong capital, funding and
liquidity position.
Impairment reviews are carried out at each reporting period on all financial
assets. The method employed for assets arising from lending is shown in the
audited accounts to 31 July 2023 and is based on expected credit losses
(ECLs). As part of this exercise we review debts to establish whether they
have moved from one ECL stage to another. There have been no material
movements from one stage to another in our interest earning assets during the
period. At 31 January 2024 the provision was £789k (31 January 2023 £464k).
Other assets (fixed assets and investments) are also subject to impairment
reviews but none is needed this period.
The investment in Open B Gateway Limited was mentioned last year and the
investment was fully impaired as shown in the Consolidated statement of
comprehensive income as Impairment loss on investment in associate in 2023.
Nothing has happened regarding this investment which would indicate that it
should be restated therefore the board remains of the opinion that the value
of the investment should still be £Nil.
Our principal risks, as shown in the full year financial statements to 31 July
2023, are credit risk, liquidity risk, interest rate risk, IT disruption risk
and conduct risk. Since the issue of the retail bond in March 2022, risks
associated with both its non-use and failure to repay are also included. A
full explanation of each of them together with their impact and mitigation are
detailed in those financial statements.
Key Performance Indicators (KPIs)
Our KPIs are set so that fluctuations outside a certain tolerance would
trigger an examination of our operations to establish why these fluctuations
have occurred and, if necessary, take any remedial action deemed necessary.
Our KPIs are based on lending, the cost of lending and, to some extent,
operating costs. We try to ensure that risk is mitigated when lending but no
lending is risk free.
All our lending is managed on a similar basis, carry similar risks and rewards
and need to comply with similar regulations. They are therefore combined for
reporting purposes.
The table below gives a breakdown of group KPIs. There is also a table showing
those items not considered KPIs but which give a better understanding of the
figures.
Return on average equity is based on PAT divided by the average of equity at
the end of the previous reporting period and that of the current period. We
believe that this measure is seen as more useful than simply looking at equity
at the end of the period.
Average external funding is based on the amount borrowed for the exact number
of days for which the advance was made.
Key performance indicators
All amounts are £m unless otherwise stated and are annualised 6 months to 31 January 2024 6 months to 31 January 2023 Year to 31 July 2023
Lending volume 58.41 46.39 99.87
Average interest earning assets(1) 62.03 46.53 51.36
Total revenue 4.65 3.76 7.87
Average external funding(2) 11.79 10.01 20.32
Cost of external funds 0.93 0.53 1.35
Cost of funds/funds ratio(3) 7.90% 5.58% 6.64%
Own resources (net financial assets) 19.18 18.73 19.20
Operating costs (including impairment provisions)(2) 1.87 1.57 3.30
Impairment charges 0.49 0.02 0.06
Net interest margin (%)(4) 8.80% 10.66% 9.48%
Return on average equity(5) 8.83% 11.56% 9.94%
Financial summary - other performance indicators
All amounts are £m unless otherwise stated and are annualised 6 months to 31 January 2024 6 months to 31 January 2023 Year to 31 July 2023
Net interest income 2.73 2.48 4.87
Profit before tax 1.08 1.25 2.17
Profit after tax 0.81 1.01 1.71
Gross interest margin(6) 11.80% 12.94% 12.11%
EPS (pence) (7) 3.78 4.71 8.03
DPS (pence) (8) 1 2 3
Return on capital employed annualised(9) 3.84% 5.83% 4.42%
1. Average interest earning assets consist of the average of the opening
and closing loan book after taking account of the impairment provision.
2. Average external funding comprises amounts borrowed on a daily basis
net of repayments.
3. Cost of funds/funds ratio is the cost of external funds divided by
average external funding.
4. Net interest margin is net interest income divided by the average loan
book.
5. ROAE consists of profit after tax divided by average equity. Average
equity is the average of opening and closing equity.
6. Gross interest margin is gross interest income divided by the average
loan book.
7. There are no factors which would dilute earnings therefore fully
diluted earnings per share are identical. EPS is based on the half-year
results divided by shares in issue.
8. Dividends per share are based on interim dividends paid in the year and
proposed final dividend for the year. The final decision to pay dividends is
postponed pending the completion of the capital allocation policy review.
9. ROCE consists of earnings before interest, tax, depreciation and
amortisation divided by capital employed. Capital employed comprises capital
and reserves together with borrowings, less cash held.
Lending volume was up by 25.92%, average interest earning assets by 33.31% and
total revenue by 23.47%. By contrast, as a result of the fraud impairment,
PBT fell by 13.60%, PAT by 19.80% and EPS by 19.75%. The increases in
lending and revenue were to be expected. Without the loss from the fraud PBT
would have been £1.48m - up 18.70% on the equivalent period last year.
Operating costs have increased by 48.43% over the equivalent period last year,
including impairment losses. Without these the increase was 19.11%. Within
these costs, however, there are some increases in excess of that figure.
Premises costs have increased by 130.77% from £13k in the six months to 31
January 2023 to £30k in this period. This was because of the move to new
premises during the period. Likewise, the provision for audit fees has
increased by 104.69%.
During the period the company purchased a property for use as an office. The
lease on the previous premises expired during this time and it was thought
prudent to acquire premises suited to our needs. The cost for this property
was £446k.
Cost of external funding has risen substantially when compared to the
equivalent six months in 2023. This was expected as rates rose to combat
inflation. As a result, our cost of funds ratio increased from 5.58% on an
annualised basis in the period to 31 January 2023 to 7.90%. These figures
include not just headline interest but costs associated with obtaining the
finance. The board believes that rates have now stabilised although it appears
unlikely that they will fall for some time.
In summary, the next six months will remain a challenge because of ongoing
international issues and the loss of some GAP business, but the board feels
that no further provisions or estimates (based on our forecasts) are needed at
this time.
The board is currently conducting a review into how and where we spend our
capital as well as exploring the benefits of continued listing on AIM. With
this in mind, it has been decided to postpone the declaration of an interim
dividend to permit more flexibility in making these decisions.
Liam McShane
Chief Financial Officer
Consolidated statement of comprehensive income
6 Months to
6 Months to 31 January 2023 Year to
31 January 2024 31 July 2023
Notes £000 £000 £000
Continuing operations
Interest receivable and similar income 2 3,659 3,011 6,215
Interest payable and similar charges (932) (546) (1,349)
Net interest income 2,727 2,465 4,866
Other trading income 2 987 752 1,649
Other direct costs (276) (311) (911)
Net other income 711 441 738
Net total income 3,438 2,906 5,604
Other operating costs (1,875) (1,572) (3,302)
Net impairment (losses)/gains on financial assets (485) (16) (64)
Impairment loss on investment in associate - (75) (75)
Operating profit 1,078 1,243 2,163
Interest receivable 3 4 9
Interest payable - (1) (1)
Profit before tax 1,081 1,246 2,171
Tax 3 (275) (240) (458)
Profit and total comprehensive income for the period from continuing 806 1,006 1,713
operations attributable to the owners of the parent
Earnings per share attributable to the owners of the parent during the period
(pence)
Basic and diluted 4 3.78 4.71 8.03
Consolidated statement of financial position
At 31 January 2024 At 31 January 2023 At 31 July 2023
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 450 16 7
Right of use assets - 5 6
Intangible assets 68 12 41
Investment at fair value through profit and loss 6 6 6
Loans to customers 9,481 6,650 7,967
10,005 6,689 8,027
Current assets
Loans to customers 55,586 42,669 51,021
Other receivables and prepayments 205 199 279
Cash and cash equivalents:
Bank balances and cash in hand 345 1,997 2,550
56,136 44,865 53,850
Total assets 66,141 51,554 61,877
Liabilities and equity
Current liabilities
Trade and other payables 9,064 6,648 8,955
Borrowings 28,077 22,000 26,079
Tax payable 724 573 449
37,865 29,221 35,483
Non-current liabilities
Borrowings 10,146 5,076 8,643
Deferred tax 2 1 2
10,148 5,077 8,645
Total liabilities 48,013 34,298 44,128
Equity attributable to the owners of the parent
Called up share capital 214 214 214
Share premium 8,692 8,692 8,692
Merger reserve 891 891 891
Retained earnings 8,331 7,459 7,952
Total equity 18,128 17,256 17,749
Total equity and liabilities 66,141 51,554 61,877
Consolidated statement of changes in equity
Called up
Share Retained Share Merger Total
Capital earnings premium reserve Equity
£000 £000 £000 £000 £000
Balance at 1 August 2022 214 6,880 8,692 891 16,677
Changes in equity
Profit and total comprehensive income - 1,006 - - 1,006
Transactions with owners:
Dividends paid - (427) - - (427)
Balance at 31 January 2023 214 7,459 8,692 891 17,256
Changes in equity
Profit and total comprehensive income - 707 - - 707
Transactions with owners:
Dividends paid - (214) - - (214)
Balance at 31 July 2023 214 7,952 8,692 891 17,749
Changes in equity
Profit and total comprehensive income - 806 - - 806
Transactions with owners:
Dividends paid - (427) - - (427)
Balance at 31 January 2024 214 8,331 8,692 891 18,128
The merger reserve arose through the formation of the group on 23 June 2015
using the consolidation method which treats the merged companies as if they
had been combined throughout the current and comparative accounting periods.
The accounting principles for these combinations gave rise to a merger reserve
in the consolidated statement of financial position, being the difference
between the nominal value of new shares issued by the company for the
acquisition of the shares of the subsidiaries and each subsidiary's own share
capital.
The share premium account arose on the issue of shares on the IPO on 1 July
2015 at a premium of 95p per share. Costs directly attributable to the issue
of shares have been deducted from the account.
Consolidated statement of cash flows
6 Months to
6 Months to 31 January 2023 Year to
31 January 2024 31 July 2023
£000 £000 £000
Cash flows from operating activities:
Operating profit 1,078 1,243 2,163
Adjustment for depreciation and amortisation 14 18 45
Impairment loss on investment in associate - 75 75
1,092 1,336 2,283
Increase in trade and other receivables (5,987) (5,571) (15,256)
Increase in trade and other payables 109 310 2,618
(4,786) (3,925) (10,355)
Income tax paid - 34 (307)
Net cash absorbed by operating activities (4,786) (3,891) (10,662)
Cash flows from investing activities
Interest received 3 4 9
Purchases of property, plant and equipment (448) (7) (8)
Deposit paid on freehold property - - (43)
Purchase of intangible assets (30) (7) (57)
Sale of property, plant and equipment - - 2
Net cash absorbed by investing activities (475) (10) (97)
Cash flows from financing activities
Dividends paid (427) (427) (641)
Proceeds from borrowings 3,498 1,544 9,184
Borrowings repaid - - -
Lease repayments (15) (15) (30)
Net cash generated/(absorbed) by financing activities 3,056 1,102 8,513
Net increase/(decrease) in cash and cash equivalents (2,205) (2,799) (2,246)
Cash and cash equivalents at the beginning of the period 2,550 4,796 4,796
Cash and cash equivalents at the end of period 345 1,997 2,550
Cash and cash equivalents consists of bank balances.
Notes to the financial statements
1. General information
Orchard Funding Group PLC ("the company") and its subsidiaries (together "the
group") provide funding and funding support systems for insurance premiums,
professional and equivalent fees and other leisure activities. The group
operates in the United Kingdom.
The company is a public company listed on AIM, a market operated by the London
Stock Exchange, incorporated and domiciled in the United Kingdom. The address
of its registered office is 222 Armstrong Road, Luton, Bedfordshire LU2 0FY.
The condensed consolidated interim financial information for the six months
ended 31 January 2024 has been prepared in accordance with the presentation,
recognition and measurement requirements of applicable UK adopted
International Accounting Standards ('IFRS') except that the group has not
applied IAS 34, Interim Financial Reporting, which is not mandatory for UK
groups listed on AIM, in the preparation of the condensed consolidated interim
financial information.
The financial information does not include all of the information required for
full annual financial statements and should be read in conjunction with the
financial statements of the group for the year ended 31 July 2023 which are
prepared in accordance with IFRS.
The accounting policies used in the preparation of condensed consolidated
interim financial information for the six months ended 31 January 2024 are in
accordance with the presentation, recognition and measurement criteria of IFRS
and are consistent with those which are expected to be adopted in the annual
statutory financial statements for the year ending 31 July 2023. There are a
number of new standards, amendments and interpretations that have been issued
but are not effective for these financial statements. They are not expected to
impact the financial statements as either they are not relevant to the group's
activities or are consistent with accounting policies already followed by the
group.
Under the expected credit loss (ECL) model required in IFRS 9, there has been
a further £485k charged to consolidated income (31 January 2023 £16k). This
includes a provision for the fraud amounting to £398k. The main focus of the
assessment is debt arrears as, although based on past performance, they are
the best indicator of potential default. The increase is not a large as would
be commensurate with the increase in the loan book but a lot of the potential
bad debt had already been provided for, arrears are under control and there
are no other factors which would indicate potential credit losses. In
assessing potential provisions, the group has adopted the simplified approach
which requires the entity to recognise a loss allowance based on lifetime ECLs
at each reporting date, right from origination. Part of this process has been
to examine the impact of ongoing international situation.
The group's 2023 annual report provides full details of significant judgements
and estimates used in the application of the group's accounting policies.
There have been no significant changes to these judgements and estimates
during the period.
The financial information included in this document is unaudited and does not
comprise statutory accounts within the meaning of section 434 of the Companies
Act 2006. The comparative figures for the financial year ended 31 July 2023
are the group's statutory accounts for that financial year. Those accounts
have been reported on by the company's auditor and delivered to the registrar
of companies. The report of the auditor was (i) unqualified, (ii) did not
include a reference to matters to which the auditor drew attention by way of
emphasis without qualifying their report, and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006.
2. Segmental reporting
The group's activities are providing funding for insurance premiums,
professional fees, school fees, leisure activities and asset financing wholly
within the UK.
Most of our lending meets the criteria for aggregation as the underwriting
process, management of the loans, distribution channels, risks and rewards are
all similar.
The group does, however, report to the board of directors in terms of two
segments - lending for Toyota products which carry no credit risk and have a
lower return, and other lending. The first table is the total and the second
Toyota products.
Notes to the financial statements
Revenue
6 Months to 6 Months to Year to
31 January 2024 31 January 2023 31 July 2023
Total revenue £000 £000 £000
Timing of revenue recognition:
Over time - interest revenue outside the scope of IFRS 15 3,133 2,553 5,328
At a point in time - non utilisation fees 457 412 769
At a point in time - default and settlement fees 69 46 118
Interest receivable and similar income 3,659 3,011 6,215
At a point in time - direct debit charges 330 387 787
Over time - loan administrative fees 583 294 717
Over time - licence fees 74 71 145
Other trading income 987 752 1,649
Total revenue 4,646 3,763 7,864
Expenses by nature
Interest payable and similar charges
Interest payable 918 525 1,270
Bank fees 14 21 79
932 546 1,349
Other direct costs
Bank fees 276 311 911
987 752 1,649
Other operating costs
Employee costs 924 818 1,659
Advertising and selling costs 379 298 672
Professional and legal fees 219 189 401
IT costs 97 82 176
Cost of listing 32 36 80
Depreciation and amortisation 14 18 45
Other net expenses 210 131 269
1,875 1,572 3,302
Impairment charges 485 91 139
Toyota revenue (included in total revenue above)
Timing of revenue recognition:
Over time - loan administrative fees 598 142 341
Other trading income 598 142 341
Toyota expenses by nature (included in expenses by nature above)
Other direct costs
Bank fees 276 311 911
3. Taxation
The tax assessed for the period differs from the main corporation tax rates in
the UK (25% for the half year to 31 January 2024, 19% for the half year to 31
January 2023 and 21.01% for the full year to 31 July 2023) because of the
effect of items disallowed for tax and accelerated capital allowances.
4. Earnings per share
Earnings per share are based on the total comprehensive income shown above,
for each relevant period, and the weighted average number of ordinary shares
in issue during each period. For all three periods, this was 21,354,167. There
are no options or other factors which would dilute these, therefore the fully
diluted earnings per share is identical.
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