25th Feb 2020 12:11
(Alliance News) - Orchard Funding Group PLC on Monday said it expects "slightly higher" revenue as it reported increased lending in the first half of its financial year.
The stock was untraded at Tuesday morning in London, last quoted at 79.00 pence each.
In the six months to January 31 the financial services firm reported a 4.0% increase in lending to GBP37.9 million compared to GBP36.4 million the year prior. The loan book as at the end of the period stood at GBP34.0 million, reflecting a 7.8% increase from GBP31.6 million reported for the same period in 2019.
Orchard Funding attributed the increase in lending to demand, saying that in addition to a Barclays Bank PLC facility of GBP17 million, Conister Bank Ltd continued to provide a line of credit of GBP2 million.
The lender said that although it expects revenue to be higher, costs have increased in connection with it applying for a bank licence. It added that it will submit its bank application licence before the end of April.
Full unaudited results will be published on March 23.
By Ife Taiwo; [email protected]
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