19th Sep 2024 12:22
(Alliance News) - Distribution Finance Capital Holdings PLC on Thursday emphasised "record" new lending, after seeing both earnings and revenue rise in the first half.
Distribution Finance is a provider of financing solutions for dealers and manufacturers in the UK.
For the six months ended June 30, the firm reported pretax profit of GBP9.2 million, more than doubled from GBP3.2 million a year prior. Basic earnings per share improved to 3.8 pence from 1.0p.
Revenue was up 39% to GBP37.9 million from GBP27.3 million.
Reflecting on the period, Distribution Finance emphasised "record" new lending, up 17% to GBP710 million from GBP607,000 the previous year.
Looking ahead, the firm said it remained "confident" about its ability to grow its order book in line with expectations.
"The group has enjoyed another period of growth which has unlocked significant improvements in profitability. We continue to scale the bank efficiently in our core inventory finance lending space, whilst also making investments to bring to life our stated ambitions to become a multi-product lender," said Chief Executive Carl D'Ammassa.
"This hire purchase product will significantly expand our addressable market opportunity multiple times whilst also further deepening our relationship with our existing manufacturer and dealer base. We expect to launch this product for end-users in H1 2025, with consumer lending being subject to regulatory approval."
Shares in Distribution Finance Capital Holdings were trading 2.0% lower at 29.90 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News senior reporter
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