REG - Orchard Funding Grp - Trading Update

Orchard FundingAnnouncement

02/02/2024 07:00

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RNS Number : 7867B  Orchard Funding Group PLC  02 February 2024

2(nd) February 2024

 

Orchard Funding Group PLC

 

Trading Update

 

Orchard Funding Group PLC ("Orchard", the "Group" or "Company"), the finance
group which specialises in insurance premium finance and the professions
funding market, provides notification that following the conclusions of a
recent FCA review, a number of insurers are withdrawing products from the
guaranteed asset protection ("GAP") insurance market. GAP insurance is sold as
an add-on to motor insurance, covering the difference between a vehicle's
purchase price and its current market value.

 

As over 20% of the Group's assets finance GAP insurance products (as at 31
December 2023, unaudited), the withdrawal of these insurance products is
likely to have a material adverse impact on the Company's financial results
over the current financial year. The Group will provide further updates as
appropriate in due course, as it continues to assess the impact of GAP
insurance product withdrawals and works to redeploy these assets.

 

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 2222

 

Lauren Kettle

 

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.

 

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