27th Oct 2020 11:54
(Alliance News) - Orchard Funding Group PLC on Tuesday said its performance deteriorated in its most recently ended financial year amid challenges caused by the global virus pandemic.
The insurance premium finance and professions funding company said Covid-19 has affected all aspects of business this year. Gross revenue for the year that ended July 31 slipped by 3.7% to GBP5.3 million from GBP5.5 million the year before.
The loan book fell by 15% to GBP27.3 million after applying the requirements of IFRS 9, Orchard Funding said.
Pretax profit dropped 20% to GBP1.6 million from GBP2.0 million a year before.
"In an unprecedented year of global pandemic, our business model has again proved resilient. We have still delivered growth in net asset value in the year and the development of our own IT system continues to give direct benefit to the business and enable us to test adjacent markets to increase our lending in those areas," said Chief Executive Ravi Takhar.
"Our exciting future is all due to the commitment and hard work of our staff and the support of our shareholders and our bankers, to whom we give many thanks," added Takhar.
AIM-listed Orchard Funding shares were trading 5.9% lower in London on Tuesday at 45.00 pence each.
By Evelina Grecenko; [email protected]
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