Sancus Lending H1 revenue rises 36% on UK and Irish loan growth
Sancus Lending H1 revenue rises 36% on UK and Irish loan growth
Overview
UK alternative lender's H1 revenue rose 36% yr/yr to £13.1 mln
Company expects to report H1 operating loss before tax of about £3.4 mln, wider than prior year
Outlook
Company plans to sharpen focus on UK and Irish lending markets and products
Sancus intends to simplify its operating model and reduce costs to restore profitability
Company has initiated a formal review of strategic options for Channel Islands lending activities
Result Drivers
UK AND IRISH LOAN GROWTH - Revenue growth was driven by a 20.6% increase in new loan facilities in UK and Ireland
HIGHER OPERATING EXPENSES - Operating expenses rose due to planned investments in human capital and higher management costs
IMPAIRMENT CHARGE - Credit quality was affected by a £0.7m impairment charge on legacy loan positions
Company press release: ID:nRSA7087Sa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Operating Expenses |
| GBP 3.80 mln |
|
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)