Orchard Funding Group PLC Trading Update

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                                                   [phone]

 

Ravi Takhar, Chief Executive Officer

 

Liberum (Nomad and Broker)                                                   [phone]

 

Lauren Kettle

 

For Investor Relations please go to: 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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