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RNS Number : 1874F Orchard Funding Group PLC 18 March 2022
18 March 2022
Orchard Funding Group PLC
("Orchard Funding Group" or the "Company" or the "Group")
Trading Update
Orchard Funding Group, the finance company which specialises in insurance
premium finance and the professions funding market, provides the following
trading update for the six months ended 31 January 2022 (the "Period").
Trading performance in the Period has exceeded the Board's expectations.
Demand for funding has risen on average across most lending lines, with
lending performance as follows:
31 January 31 January % increase/
2022 2021 (decrease)
£m £m
Lending 38.2 30.0 27.0%
Average loan book 33.5 27.6 21.2%
Towards the end of the previous financial year the Group refinanced its
borrowings. Toyota Financial Services (UK) PLC provided the Group with a
facility of £15.0m and Natwest Bank PLC with £5.0m, making a total of
£20.0m to be used for general lending, of which £11.4m was in use at the end
of the period.
Since the end of the Period, the Group has issued a five-year bond, further
bolstering liquidity. The Board therefore considers it has adequate liquidity
for its projected lending in all its markets.
As a result of this loan book momentum in Period, the Board expects revenue
for the year to exceed its prior expectations, while Group costs have remained
fairly stable and largely unchanged. resulting in an uplift in profitability
for the year.
Orchard Funding Group will be announcing its interim results for the Period on
29 March 2022.
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
Neil Patel
Lauren Kettle
For Investor Relations please go to: www.orchardfundinggroupplc.com
(http://www.orchardfundinggroupplc.com)
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