22nd Sep 2025 12:28
(Alliance News) - Manx Financial Group PLC on Monday hailed its interim performance as "commendable", given the "challenging economic conditions," as it noted EU expansion plans and reported a convertible loan note agreement with Fiinu PLC.
The Douglas, Isle of Man-based provider of financial services to commercial and retail customers reported pretax profit of GBP4.1 million for the six months to June 30, up 16% from GBP3.5 million a year earlier.
Net interest income improved 2.2% to GBP17.7 million from GBP17.3 million, and net trading income edged 7.6% higher to GBP16.8 million from GBP15.7 million.
Executive Chair Jim Mellon hailed the period's trading as a "commendable Interim financial performance amidst challenging economic conditions."
Looking ahead, Manx Financial said it is planning cautious expansion into the EU through an Irish consumer credit licence, "without compromising financial discipline, while focusing on the Isle of Man and UK markets."
"New fintech offerings including, subject to regulatory approval, the adoption of Fiinu's overdraft product which we have just announced. Other accretive acquisitions are planned and are expected to support resilience amid economic headwinds...We are well-positioned to capitalise on growth opportunities in short-term lending sectors including Buy Now Pay Later," the company added.
On Tuesday last week, Manx said subsidiary Conister Bank Ltd inked a master services agreement for Fiinu's overdraft technology with a minimum three-year exclusivity period.
Fiinu is a Weybridge, Surrey-based financial technology provider. Explaining the agreement, Fiinu said: "It enables customers of any UK bank to 'plugin' a Conister Bank overdraft to their primary current account, without anyone needing to switch banks."
On Friday last week, Fiinu said it raised GBP700,000 pursuant to subscription agreements announced earlier in the week, and is set to issue and allot 3.5 million shares at 20p per share.
On Monday this week, Manx reported that Conister Bank has entered into a GBP2 million convertible loan note agreement with Fiinu, carrying a 10% annual interest rate. Manx said it is convertible into 20 million ordinary Fiinu shares at a conversion price of 10 pence per share.
"This facility is part of the Group's strategy to enhance its lending technology by integrating with experienced market-leading product providers for our customers benefit. The optionality within this facility also allows the Group to potentially generate a return greater than debt interest alone," commented Manx Financial Chief Executive & Conister Bank Managing Director Douglas Grant.
Manx Financial shares were down 7.2% at 33.50p around midday on Monday in London. Fiinu shares fell 6.2% to 11.73p.
By Christopher Ward, Alliance News reporter
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