28th Sep 2022 18:13
Non-Standard Finance PLC - London-based subprime lender - Pretax loss in the first half of 2022 widens to GBP36.2 million from GBP7.5 million a year before. Revenue falls 17% to GBP56.6 million from GBP67.8 million, due to a reduction in its net loan book. Expects demand for its products to increase. Notes that all future growth plans will require it to complete a capital raise. Needs to complete a court based process in relation to its Everyday Loans trading entity first.
"Assuming the successful completion of the legal process, the board anticipates being in a position to execute a substantial capital raise which, whilst ensuring the future for the group, will materially dilute the interests of existing equity holders, most likely to negligible value, unless they choose to participate in the planned capital raise," Chief Executive Officer Jono Gillespie says.
Believes that the capital raise would not be successful without the court-process, ending with insolvency.
Current stock price: 0.67 pence
12-month change: down 84%
By Abby Amoakuh; [email protected]
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