REG - Orchard Funding Grp - Unaudited results for 12 months
Wed 07:00
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RNS Number : 4906B Orchard Funding Group PLC 01 October 2025
Orchard Funding Group PLC
("Orchard Funding Group" or the "company" or the "group")
Unaudited results for the twelve months ended 31 July 2025
Twelve month results
Orchard Funding Group, the finance group which specialises in insurance
premium finance and the professions funding market, announces its unaudited
results for the twelve months ended 31 July 2025.
As reported on 26 June 2025, for operational reasons, the parent and its
subsidiaries changed their accounting reference dates from 31 July 2025 to 31
January 2026. These financial statements are therefore interim, unaudited
financial statements.
Five-year summaries (all £m):
2025 2024 2023 2022 2021
Lending - non-Toyota 109.52 101.32 88.76 72.39 57.73
Lending - Toyota 12.24 13.38 11.11 7.57 3.29
Total lending 121.76 114.70 99.87 79.96 61.02
Loan book - non-Toyota 49.32 52.04 47.40 37.66 27.15
Loan book - Toyota 16.99 14.94 11.59 6.08 2.72
Total loan book 66.31 66.98 58.99 43.74 29.87
Borrowing 32.86 40.22 34.72 25.53 12.32
Gross total income 10.50 9.64 7.86 6.19 4.60
Net total income 8.30 6.89 5.60 4.85 3.44
Operating costs (excluding impairment charges) 4.25 3.60 3.30 2.91 2.52
Impairment charges 0.04 1.17 0.14 0.06 -0.13
Operating profit 4.01 2.11 2.16 1.88 1.05
Loan book comprises gross loans to customers less expected credit loss
provision.
Gross total income consists of interest receivable together with other trading
income.
Net total income is gross total income after direct costs.
Ravi Takhar, Chief Executive Officer of the company, stated:
"We are pleased to confirm the completion of another record-breaking
successful twelve months. We have had record lending of over £120 million,
record income of over £10 million, record PBT of over £4 million and record
PAT of over £3 million. Our performance represents a very satisfactory post
tax return on average equity of 14.89%
"We continue to focus and succeed in our core market of insurance premium
finance, where we compete effectively despite our competitors being much
bigger than us, in terms of spending power, balance sheet and staff numbers.
"We thank our customers for their loyalty, our staff for their hard work and
our finance providers Toyota and NatWest for their great support to our
business.
"We are pleased to confirm that we will be paying a further 1p interim
dividend on December 15, 2025. This is in addition to the 1p interim and 1p
special dividend paid earlier this year in June."
For further information, please contact:
Orchard Funding Group PLC
+44 (0)1582 346 248
Ravi Takhar, Chief Executive Officer
Allenby Capital Limited (Nomad and Broker)
+44 (0)20 3328 5656
Nick Naylor/James Reeve (Corporate Finance)
Amrit Nahal/Jos Pinnington (Sales and Corporate Broking)
For Investor Relations please go to: www.orchardfundinggroupplc.com
(http://www.orchardfundinggroupplc.com)
Chairman's statement
Following our half year financial results, our strong performance has
continued and we have achieved lending volumes, income, and profitability in
excess of anything we have achieved before.
This robust performance has continued to be driven by lending volume growth in
our core insurance premium funding markets together with improved margins as
we have seen a gradual reduction in Base lending rates.
This outturn is particularly pleasing following last year's difficult year
when we were impacted by the significant fraud and an increase in
impairments. This highlights the resilience of our business and is a
testament to the hard work of our team and the ongoing support of our funders
and partners.
At the half year stage, we paid a 1p interim dividend together with a special
dividend payment of an additional 1p. With the change in our year end to
January 2026, I am pleased to confirm that we will pay a further 1p interim
dividend.
Looking ahead, whilst global geopolitical risks persist and the outlook for
the UK economy and regulatory environment remains uncertain, the board is
still optimistic regarding continued controlled growth for our business whilst
keeping a watchful eye for any significant impact on our customers or
partners.
Steven Hicks
Chairman
Chief financial officer's statement
The world commercial outlook has changed very little since my last report to
31 January 2025 and economic growth has continued to slow.
Inflation has increased from 2.98% in the year to 31 January 2025 to 3.80% in
the year to 31 July 2025. Bank of England base rate fell from 4.75% in January
2025 to 4.00% in August 2025.
The group has performed exceptionally well in the 12 months to 31 July 2025
compared to previous years. As was mentioned at the last half year report,
KPIs and other financial indicators have been adjusted for Toyota income which
does not form part of interest income but is part of other income. This
adjustment is reflected in lending and the loan book.
Lending is up by 8.10% for non-Toyota products from £101.32m to £109.52m and
down 8.52% for Toyota from £13.38m to £12.24m.
Insurance premium financing (both to premium funding companies and to
individuals through our partners) has seen a 10.33% increase from £93.46m to
£103.12m. This has been the most substantial growth area and was expected to
be. A reduction in the Toyota market was expected and was reported last year.
As a result, we adjusted our internal forecasts substantially down in respect
of this lending. However, this market has performed better than our
expectations with Toyota finding an alternative vehicle to deliver their
product.
PBT increased by 89.51% from £2.12m to £4.01m.
This came about because of a number of factors: we have improved the rates on
our lending as indicated by the gross interest margin rising from 15.43% to
17.38% and an increase in lending; the amount of impairment allowance fell as
shown below; operating costs, although higher, have been well controlled.
Operating costs excluding impairment losses are 17.96% higher from £3.60m to
£4.25m.
Impairment charge has fallen by 96.65% from £1.17m to £0.04m.
Of the £650k increase in operating costs, employee costs accounted for £285k
and commissions £203k. The large impairment charge in the previous year arose
as a result of the fraud and for InsureThat, both of which were fully
explained in the previous year's accounts.
Impairment reviews are carried out at each reporting period on all financial
assets. The method employed for assessing impairments arising from lending is
shown in the audited accounts to 31 July 2024 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 substantial
material movements from Stage 1 and Stage 2 since the 31 July 2024. At 31 July
2025 the provision was £1,190k (31 July 2024 £1,146k). Other assets (fixed
assets and investments) are also subject to impairment reviews but no
provision is needed this period.
Net financial assets (all financial assets less all financial liabilities) are
up by 17.10% to £23.55m from £20.11m.
Liquidity (net current assets) was up by 9.23% from £19.83m to £21.66m.
Financial assets at the year end amounted to £67.02m (2024 £68.55m).
Financial liabilities amounted £43.47m (2024 £48.44m). The group has used
more of its own resources this year as a result of which external,
unrestricted borrowing has fallen from £22.98m to £15.55m.
On 15 August 2024, Open B Gateway Limited became a 90% subsidiary of the
parent.
On 19 March 2024, the group took a further 30% stake by way of transfer from
an existing shareholder in Open B Gateway Limited at a cost of £Nil. The
intention was to get better control of the company which provided open banking
software to the group. The group also took over the management of the company.
It therefore became a 60% subsidiary on that date. On 15 August 2024 a further
300 shares were transferred from a shareholder in Open B to the company,
giving it a 90% share in Open B. These were transferred at £Nil cost
Principal risks and uncertainties
The group's activities expose it to a variety of risks:
· Credit risk
· Liquidity risk
· Interest rate risk
· Non-repayment risk
· Systems risk
· Conduct risk
Our principal risks are shown in the full year financial statements to 31 July
2024. A full explanation of each of them together with their impact and
mitigation are detailed in those financial statements. There have been no
changes to the various risks other than changes to credit risk.
Credit risk was high last year and credit losses were 1.81% of gross income
generating assets - above our risk appetite of 1.00%. The main causes of this
were that one of our introducing partners went into administration and there
was a fraud. Following a board level review, our processes have been made more
secure. The board believe that this risk has fallen this year.
Financial key performance (KPIs) and other performance indicators
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
The following table gives a breakdown of group KPIs as well as indicators not
considered KPIs but which give a better understanding of the progress of the
group.
All £m unless otherwise stated 2025 2024 2023 2022 2021
KPIs
Lending volumes
Excluding Toyota products £109.52 £101.32 £88.76 £72.39 £57.73
Toyota products £12.24 £13.38 £11.12 £7.57 £3.29
Total lending volumes £121.76 £114.70 £99.88 £79.96 £61.02
Average interest earning assets(1)
Excluding Toyota products £50.68 £49.72 £42.53 £32.41 £27.23
Toyota products £15.96 £13.26 £8.83 £4.40 £1.36
Average interest earning assets £66.64 £62.98 £51.36 £36.81 £28.59
Total revenue £10.50 £9.64 £7.86 £6.19 £4.60
Average external funding(2) £22.58 £23.92 £20.32 £15.77 £9.28
Cost of external funds £1.72 £1.91 £1.35 £0.59 £0.56
Cost of funds/funds ratio(3) 7.57% 7.94% 6.70% 3.57% 6.03%
Own resources (net financial assets) £23.55 £20.11 £19.20 £17.61 £15.88
Operating costs (excluding impairment provisions) £4.25 £3.60 £3.30 £2.91 £2.52
Impairment provisions £0.04 £1.17 £0.14 £0.06 -£0.13
Net interest margin (as restated)(4) 13.99% 11.58% 11.15% 13.48% 11.83%
ROAE (Return on average equity)(5) 14.89% 8.56% 9.94% 9.36% 5.35%
Other performance indicators
Net interest income £7.09 £5.76 £4.87 £4.41 £3.22
Profit before tax £4.01 £2.12 £2.17 £1.88 £1.05
Profit after tax £3.01 £1.57 £1.71 £1.52 £0.84
Gross interest margin (as restated)(6) 17.38% 15.43% 14.32% 15.31% 13.88%
EPS (pence) (7) 14.37 7.39 8.03 7.11 3.91
DPS (pence) (8) 2.00 0.00 3.00 3.00 3.00
Return on capital employed (ROCE)(9) 7.63% 3.83% 4.43% 5.20% 4.32%
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. In previous years the average loan book included balances in respect of
Toyota business on which there is no interest income. This has been rectified
and figures for each of the previous years restated.
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. The same comments apply regarding Toyota business as are made
regarding net interest income.
7. There are no factors which would dilute earnings therefore fully
diluted earnings per share are identical.
8. Dividends per share are based on interim dividends paid in the year and
proposed final dividend for the 12 months.
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.
Future developments
There has been little change in how we wish to grow the business in the
future. Fee funding, site fee and school fee income have fallen this year and
it is expected that they will fall further. Against that, we have seen growth
in PFC, insurance premium funding, asset financing and bridging finance. We
are still exploring complementary markets but will only sell into these if
they fit our risk and return profile.
Since 31 July we have acquired 2 more subsidiaries. These companies complement
what we do. Both are involved in providing finance for insurance premiums.
Despite the fact that we have secure sources of funding at present, we shall
continue to look at alternative sources of liquidity as this is of key
importance to our business.
The coming year will continue to prove a challenge as a result of ongoing
negative world events and an uncertain UK economy, but we have already shown
that we are up to that challenge in increasing our performance in an already
testing environment. Our focus will remain on building on our successes of the
last 12 months.
Dividend
The board is pleased to declare a further interim dividend of 1p per share to
be paid on 15 December 2025 to shareholders on the register on 5 December
2025, with an ex-dividend date of 4 December 2025. This dividend is in
addition to the 1p interim and 1p special dividend paid in June 2025.
Liam McShane,
Chief financial officer
Consolidated statement of comprehensive income
2025 2024
Notes £000 £000
Continuing operations
Interest receivable and similar income 2 8,805 7,674
Interest payable and similar charges (1,719) (1,911)
Net interest income 7,086 5,763
Other trading income 2 1,694 1,966
Other direct costs (483) (844)
Net other income 1,211 1,122
Net total income 8,297 6,885
Other operating costs (4,249) (3,601)
Net impairment losses on financial assets (39) (1,235)
Reversal of impairment loss on investment at fair value through profit and - 75
loss
Fair value adjustment for goodwill on consolidation - (11)
Operating profit 4,009 2,113
Interest receivable 4 6
Interest payable - -
Profit before tax 4,013 2,119
Tax 3 (1,008) (552)
Profit for the 12 months from continuing operations attributable to:
Owners of the parent 3,067 1,579
Non-controlling interests (62) (12)
3,005 1,567
Earnings per share (pence)
Basic and diluted 4 14.37 7.39
Consolidated statement of financial position
2025 2024
Notes £000 £000
Non-current assets
Property, plant and equipment 449 448
Intangible assets 69 145
Investment at fair value through profit and loss 6 6
Loans to customers 9,429 9,038
9,953 9,637
Current assets
Loans to customers 56,874 57,944
Other receivables and prepayments 85 122
Cash and cash equivalents:
Bank balances 639 1,482
57,598 59,548
Total assets 67,551 69,185
Liabilities
Current liabilities
Trade and other payables 11,634 9,488
Borrowings 22,761 29,693
Current tax payable 1,548 542
35,943 39,723
Non-current liabilities
Borrowings 10,095 10,529
Deferred tax liabilities 3 1
10,098 10,530
Total liabilities 46,041 50,253
Equity
Called up share capital 214 214
Share premium 8,692 8,692
Merger reserve 891 891
Retained earnings 11,744 9,104
Equity attributable to:
Owners of the parent 21,541 18,901
Non-controlling interests (31) 31
Total equity 21,510 18,932
Total equity and liabilities 67,551 69,185
Consolidated statement of changes in equity
Called up share capital Retained earnings Share premium Merger reserve Attributable to the owners of the parent Non-controlling interests Total equity
£000 £000 £000 £000 £000 £000 £000
Balance at 1 August 2023 214 7,952 8,692 891 17,749 - 17,749
Non-controlling interests at the date of acquisition 43 43
Profit and total comprehensive income - 1,579 - - 1,579 (12) 1,567
Transactions with owners:
Dividends paid - (427) - - (427) - (427)
Balance at 31 July 2024 214 9,104 8,692 891 18,901 31 18,932
Profit and total comprehensive income - 3,067 - 3,067 (62) 3,005
Transactions with owners:
Dividends paid - (427) - (427) - (427)
Balance at 31 July 2025 214 11,744 8,692 891 21,541 (31) 21,510
Retained earnings consist of accumulated profits less losses of the group.
They represent the amounts available for further investment in group
activities. Only the element which constitutes profits of the parent company
are available for distribution. There are no restrictions on payment of
dividends by the subsidiaries to the parent or by the parent to shareholders.
The share premium account arose on the IPO on 1 July 2015 at a premium of 95p
per share. Costs of the IPO have been deducted from the account as permitted
by IFRS and the Companies Act 2006.
The merger reserve arose through the formation of the group on 23 June 2015
using the capital reorganisation method.
Consolidated statement of cash flows
2025 2024
£000 £000
Cash flows from operating activities:
Operating profit 4,009 2,113
Depreciation and amortisation 90 95
Reversal of impairment loss on investment at fair value through profit and - 11
loss
Goodwill on acquisition written off - (75)
Adjustment for assets and liabilities at date of acquisition - 107
4,099 2,251
Decrease/(increase) in loans to customers, other receivables and prepayments 716 (7,837)
Increase in trade and other payables 2,188 575
7,003 (5,011)
Tax paid - (460)
Net cash generated/(absorbed) by operating activities 7,003 (5,471)
Cash flows from investing activities
Interest received 4 6
Purchases of property, plant and equipment (14) (453)
Deposit paid on property - -
Purchase of intangible assets - (214)
Transfer of intangible assets purchased in the previous year - 33
Net cash absorbed by investing activities (10) (628)
Cash flows from financing activities
Dividends paid (427) (427)
Net receipts from borrowings - 5,473
Net borrowings repaid (7,409) -
Lease repayments - (15)
Net cash (absorbed)/generated by financing activities (7,836) 5,031
Net decrease in cash and cash equivalents (843) (1,068)
Cash and cash equivalents at the beginning of the year 1,482 2,550
Cash and cash equivalents at the end of 12 months 639 1,482
Cash and cash equivalents consist of bank balances.
Notes to the consolidated financial statements
1. General information
Orchard Funding Group plc ("the company") and its subsidiaries (together "the
group") provide funding and funding support systems to insurance brokers and
professional firms through the trading subsidiaries. The group operates in the
United Kingdom.
The company is a public company listed on the AIM market of the London Stock
Exchange, incorporated in England and Wales 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 12 months
ended 31 July 2025 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 2024 which are
prepared in accordance with IFRS.
The accounting policies used in the preparation of condensed consolidated
interim financial information for the 12 months ended 31 July 2025 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 eighteen months ending 31 January 2026.
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 £39k charged to consolidated income (31 July 2024 £1,235). Last
year included a provision for a fraud amounting to £479k. 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 over the provision
at 31 July 2024 is not large and is commensurate with the increase in the loan
book. 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 2024 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 2024
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. Operating segments
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 report to the board of directors (the Chief Operating Decision
Makers ("CODM")) in terms of two segments - lending for Toyota products (shown
as "Toyota products" in these financial statements) which carry no credit risk
and have a lower return, and other lending (shown as "Standard lending" in
these financial statements), the nature of which is similar in terms of risk,
reward and processes.
The CODM reviews monthly management information including our KPIs.
Revenue (which for these purposes includes interest income, which is outside
the scope of IFRS 15) consists of income which is recognised at a single point
in time and that which occurs over a given period. There is a small amount of
income falling within the scope of IFRS 15 which is recognisable over more
than one year. Any discounting would be immaterial.
Revenue recognition by timing:
2025 2024
Standard Toyota Standard Toyota
Total lending products Total lending products
£000 £000 £000 £000 £000 £000
Over time - interest revenue outside the scope of IFRS 15 7,740 7,740 - 6,735 6,735 -
At a point in time - non utilisation fees 899 899 - 773 773 -
At a point in time - default and settlement fees 166 166 - 166 166 -
Interest receivable and similar income 8,805 8,805 - 7,674 7,674 -
At a point in time - direct debit charges 396 396 - 558 558 -
Over time - loan administrative fees 1,163 499 664 1,264 675 589
Over time - licence fees 135 135 - 144 144 -
Other trading income 1,694 1,030 664 1,966 1,377 589
Total revenue 10,499 9,835 664 9,640 9,051 589
Expenses by nature
2025
Central Standard Toyota
Total costs lending products
Revenue £000 £000 £000 £000
Interest revenue 8,805 - 8,805 -
Other revenue 1,694 - 1,030 664
10,499 - 9,835 664
Interest payable and similar charges
Interest payable in direct costs 1,640 - 1,640 -
Bank fees in direct costs 79 - 79 -
1,719 - 1,719 -
Other direct costs
Bank fees in direct costs 483 - 358 125
Net total income 8,297 - 7,758 539
Other operating costs
Employee costs 1,991 943 1,048 -
Advertising and selling costs 1,058 - 1,058 -
Professional and legal fees 360 136 221 3
IT costs 308 - 308 -
Cost of listing 93 93 - -
Depreciation and amortisation 89 89 -
Other net expenses 350 2 345 3
4,249 1,174 3,069 6
Impairment allowance (39) - (39) -
Operating profit 4,009 (1,174) 4,650 533
Interest receivable 4 4 -
Interest payable - - -
Profit before tax 4,013 (1,174) 4,654 533
Expenses by nature
2024
Central Standard Toyota
Total costs Lending products
Revenue £000 £000 £000 £000
Interest revenue 7,674 - 7,674 -
Other revenue 1,966 - 1,377 589
9,640 - 9,051 589
Interest payable and similar charges
Interest payable in direct costs 1,842 - 1,842 -
Bank fees in direct costs 69 - 69 -
1,911 - 1,911 -
Other direct costs
Bank fees in direct costs 844 - 738 106
Net total income 6,885 - 6,402 483
Other operating costs
Employee costs 1,710 788 801 121
Advertising and selling costs 853 - 838 15
Professional and legal fees 315 119 194 2
IT costs 221 - 221 -
Cost of listing 83 83 - -
Depreciation and amortisation 95 95 -
Other net expenses 324 2 321 1
3,601 992 2,470 139
Impairment losses (1,160) - (1,160) -
Goodwill on consolidation written off (11) - (11) -
Operating profit 2,113 (992) 2,761 344
Interest receivable 6 - 6 -
Interest payable - - - -
Profit before tax 2,119 (992) 2,761 344
3. Tax expense
The tax assessed for the 12 months differs from the applicable corporation tax
rate in the UK (25% for 2025 and 25.00% for 2024) because of the effect of
items disallowed for tax and accelerated capital allowances.
4. Earnings per share
Earnings per share is based on the profit for the 12 months of £3.06m (2024 -
£1.58m) attributable to the owners and the weighted average number of the
ordinary shares in issue during the 12 months of 21.35m (2024 - 21.35m). There
are no options or other factors which would dilute these therefore the fully
diluted earnings per share is identical.
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