7th Jul 2016 07:34
LONDON (Alliance News) - Sub-prime lender Non-Standard Finance PLC on Thursday said trading in its operating divisions was strong in the first half of 2016, and it remains on track to meet its growth targets.
The company said its home credit arm, Loans at Home, continued to see strong growth in the half-year ended June 30, driven by the expansion of its network of self-employed agents. The increased investment in this network helped the number of active customers for Loans at Home rise 13% over the course of the first half, against the end of 2015.
The net value of loans issued in the first half grew 27% year-on-year, the lender said.
Everyday Loans, its consumer lending business, has been developed, and its product offering extended since the deal to acquire the unit was completed in April, Non-Standard Finance said.
The net loan book at Everyday Loans increased 17% year-on-year to GBP120.0 million at the end of June.
"The group is continuing to perform strongly and we remain on-track to achieve our growth targets of 20% annual loan book growth and a 20% return on assets," said Chairman John van Kuffeler, chairman of Non-Standard Finance.
Van Kuffeler added the UK's decision to leave the European Union could increase demand for its products, as mainstream lenders tighten lending conditions.
He added the group is confident on the outlook for the second half and for 2016 as a whole.
Shares in Non-Standard Finance were trading flat early Thursday at 58.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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