29th Apr 2022 14:53
Non-Standard Finance PLC - London-based subprime lender - Narrows annual loss in 2021. Pretax loss falls 78% to GBP29.6 million from GBP135.7 million, boosted by strong collections. Revenue shrinks to GBP131.4 million from GBP162.7 million in 2020. "The group continued to face significant operational, regulatory and financial challenges in 2021, many of which have continued into 2022," the company adds.
Trading in 2022 is ahead of budget, firm says. "Since the start of 2022 we have seen month on month growth in loan issuance in branch-based lending, combined with historically low impairment, and are consequently trading ahead of budge," Non-Standard Finance explains.
Outlook for 2022 is entirely dependent upon ongoing discussions with the Financial Conduct Authority which is in discussions with Non-Standard Finance.
The review was put in place in August 2020 after the UK regulator raised "a number of concerns" regarding several aspects of the operating procedures at the company's Guarantor Loans division - which has now been shut down.
Current stock price: 2.39 pence, down 8.1% on Friday
12-month change: down 59%
By Tom Budszus; [email protected]
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