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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Orchard Funding Group Plc | LSE:ORCH | London | Ordinary Share | GB00BYZFM569 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.50 | -5.00% | 28.50 | 28.00 | 29.00 | 31.00 | 28.50 | 28.50 | 255,780 | 13:10:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Brokers & Dealers | 7.86M | 1.71M | 0.0802 | 3.55 | 6.09M |
TIDMORCH
RNS Number : 9349D
Orchard Funding Group PLC
25 February 2020
25 February 2020
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 2020.
Trading performance for the period was in line with the Board's expectations.
Demand for funding has led to an increase in our lending over the equivalent half year in 2018/2019. In addition to a Barclays Bank plc facility of GBP17m, Conister Bank Limited has continued to provide a line of credit of GBP2m to allow us to manage this demand.
The Group's lending performance for the period was as follows:
31 January 31 January % increase/ 2020 2019 (decrease) GBPm GBPm Lending 37.85 36.38 4.04% Loan book 34.03 31.58 7.76%
Revenue is expected to be slightly higher than in the six months to 31 January 2019, although costs have increased in line with expectations in connection with applying for a bank licence.
The Group is expecting to submit its bank licence application before the end of the April 2020.
The Group will be announcing its interim results for the six-month period ended 31 January 2020 on 23 March 2020.
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
Neil Patel
Richard Bootle
Laura Hamilton
For Investor Relations please go to: www.orchardfundinggroupplc.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTSEUFDLESSEDE
(END) Dow Jones Newswires
February 25, 2020 02:00 ET (07:00 GMT)
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