21st Feb 2019 10:46
LONDON (Alliance News) - Arbuthnot Banking Group PLC on Thursday said it expects its 2018 adjusted pretax profit to be in line with market views, after it continued to make good progress in the fourth quarter of the year.
Arbuthnot will publish its annual results on March 28.
The company added that its annual results will include a one-off adjustment reducing the anticipated liability related to the management team earn out for the acquisition of Renaissance Asset Finance.
The adjustment is expected to be GBP2.5 million and will therefore increase the reported pretax profits accordingly.
"Regardless of the adjustment RAF continues to trade well and has seen its customer loan balances increase by 21% during the year," the company said.
Furthermore, with regards to its other ventures, Arbuthnot also said they are making good progress.
The Commercial Asset Based Lending division ended the year with drawn balances of GBP25 million and issued facilities of GBP43 million, having made its first loan in May 2018.
The Arbuthnot Specialist Lending business is currently undertaking a "soft launch" and has received approval for its first customer loan.
Lastly, the firm's Direct Deposit platform went live this week following a successful pilot.
Arbuthnot Banking shares were trading down 2.0% at 1,260.00 pence each.
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