Orchard Funding Group, the finance group which specialises in insurance premium finance and the professions funding market, is pleased to announce its unaudited results for the six months ended 31 January 2019.
Highlights
- Revenue grew 3.75% from £2.67m in the six months to 31 January 2018 to £2.77m in the six months to 31 January 2019.
- The loan book grew by 9.65% from £28.80m for the six months to 31 January 2018 to £31.58m in the six months to 31 January 2019.
- Group profit before tax has increased to £1.18m for the six months to 31 January 2019 from £1.00m for the six months to 31 January 2018; on a like for like basis, an extra £0.18m, an 18.19% improvement.
- Earnings per share grew in the period by 19.15% over the comparative half year to 31 January 2018 from 3.76p per share to 4.48p per share.
- The group lent £36.38m to clients in the 6 months to 31 January 2019 an increase of 5.91% over the equivalent six months last year.
- Since 31 January 2019, Barclays Bank has agreed to increase our facility to £17m, confirming the confidence that they have in the group.
- Conister Bank has renewed our £2m facility.
- Our application for a banking licence is progressing in a satisfactory manner.
- The board is again recommending an interim dividend of 1 pence per share (31 January 2018: 1 pence).
Ravi Takhar, Chief Executive Officer of the company, stated:
“We continue to grow in a conservative and controlled manner. The market is full of existing and new sources of liquidity including challenger banks and debt funds and this is therefore a satisfactory achievement by the group. Our bank application continues to move forward in a positive manner and we have managed to control our costs on the application with the prudent use of advisors. Our new in-house IT system continues to deliver a market leading software to our market. We have a great team of highly experienced and loyal staff who continue to deliver excellent service to our customers. We are looking forward to an exciting year for the group and the continued growth and development of our business.”
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