RNS Number : 8092P
Orchard Funding Group PLC
22 February 2021
 

22 February 2021

 

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 2021.

 

Trading performance for the period was in line with the Board's expectations. Demand for funding has fallen across our markets, leading to a decrease in lending over the equivalent half year in 2019/2020. The Group's lending performance for the period was as follows:

 

 

 

      31 January

      2021

 

      31 January

      2020

 

% increase/

(decrease)

 

 

      £m

 

      £m

 

 

 

 

 

 

 

 

 

Lending

 

30.04

 

37.85

 

(20.63)%

 

 

 

 

 

 

 

 

Average loan book

 

27.61

 

33.07

 

(16.51)%

 

 

 

 

 

 

 

 

Both Barclays Bank plc and Conister Bank Limited have continued to provide a line of credit of £17.0m and £2.0m respectively. In addition, Toyota Financial Services (UK) PLC has provided the Group with a limited facility to fund Toyota insurance products only. The Board therefore considers it has adequate liquidity for its projected lending in all its markets.

 

Revenue for the first half is expected to be broadly in line with expectations, while costs have remained stable. Whilst the Board is confident of the long-term prospects of the Group, it remains mindful of the downward pressure on lending caused by COVID-19, consequential lockdowns and ongoing economic uncertainty in the second half.

 

 

Orchard Funding Group will be announcing its interim results for the six month period ended 31 January 2021 on 9 March 2021.

 

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

 

For Investor Relations please go to: www.orchardfundinggroupplc.com

 

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