Orchard Funding Reports 22% Growth In First-Half Profit

27th Mar 2018 14:51

LONDON (Alliance News) - Orchard Funding Group PLC, which specialises in insurance premium finance and the professions funding market, on Tuesday reported 22% growth in first half pretax profit on the back of strong growth in its new lending and loan book.

For the six months ended January 31, the company recorded pretax profit of GBP995,268, compared with GBP812,584 pretax profit in the year ago period, on a revenue of GBP2.7 million and GBP2.1 million, respectively. Loans made in the period totaled GBP34.4 million, up from GBP31.1 million.

"We are pleased with the new business momentum which has continued to build as the third quarter progresses and there has been no material change to the underlying performance of the business since the start of the second half of the financial year ending 31 July 2018," Chairman Gary Jennison said.

The company has retained its interim dividend payment at 1 pence per share.

Shares in the company were trading 104.75 pence per share, up 2.2%.

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