Orchard Funding Group PLC Trading Update

RNS Number : 6727T

Orchard Funding Group PLC

25 June 2024

 

25^th June 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 the following Trading Update.

Trading year to date has been positive within the insurance premium finance market driving revenue growth through increased lending. The Company has applied a disciplined approach to its growth enabling the Group to maintain income against a backdrop of higher interest rates. As a consequence, management now expect that earnings will exceed current market guidance by over 20%.

Ravi Takhar, the CEO of the Company stated:

"We continue to focus on the controlled and conservative growth of our business and are pleased to be able to notify the market that we reasonably believe, subject to final audit, that we will exceed current market guidance by over 20%.

We continue to strengthen our lending in our core insurance premium finance market as well as our lending in adjacent markets. We are optimistic that our ability to lend, develop and operate our own software and our loyal and experienced staff will continue to deliver positive results to the company and all its stakeholders."

 

 

For further information, please contact:

 

Orchard Funding Group PLC                                                   [phone]

 

Ravi Takhar, Chief Executive Officer

 

Liberum (Nomad and Broker)                                                   [phone]

Investment banking

Edward Mansfield

 

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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