Orchard Funding Group PLC
("Orchard Funding Group" or the "Company" or the "Group")
Trading Update and Notice of Results
Orchard Funding Group, the finance company which specialises in insurance premium finance and the professions funding market, provides the following trading update for the year ended 31 July 2017.
Lending, revenue and profit before tax numbers are all expected to be significantly higher than 2016. Overall Group performance has been sound and very much in line with management expectations.
The Group's lending performance for the year was as follows (figures extracted from the unaudited accounts):
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31 July 2017 |
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31 July 2016 |
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% growth |
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£m |
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£m |
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Lending: |
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Broker finance companies |
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42.66 |
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32.79 |
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30.10% |
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Direct insurance |
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7.35 |
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2.53 |
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190.51% |
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Professional funding |
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13.34 |
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13.24 |
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0.76% |
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Total lending |
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63.35 |
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48.56 |
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30.46% |
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Loan book: |
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Broker finance companies |
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17.91 |
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14.10 |
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27.02% |
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Direct insurance |
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3.81 |
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1.46 |
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161.00% |
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Professional funding |
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6.70 |
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6.23 |
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7.54% |
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Total loan book |
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28.42 |
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21.79 |
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30.43% |
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Group CEO, Ravi Takhar, said:
"I am very pleased with Orchard's performance during the year. We continue to do our best, despite strong competition and we continue to increase our share of the large specialist finance market we play in."
Orchard Funding Group intends to announce its final results for the year ended 31 July 2017 on 17 October 2017.
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 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
For further information:
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Orchard Funding Group PLC |
+44 (0)1582 346 248 |
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Ravi Takhar, Chief Executive Officer
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finnCap Limited (Nomad and Broker) |
+44 (0)20 7220 0500 |
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Jonny Franklin-Adams / Emily Watts (Corporate Finance) |
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Tim Redfern (Corporate Broking)
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