Business
LendInvest plc Full Year Financial Results FY23
LendInvest plc Full Year Financial Results FY23.
About this update from Lendinvest Plc
[{"type":"text","content":"\n\nLEI: 213800NWMK3O4UWP9N91\n18 July 2023\nLendInvest plc\nFULL YEAR RESULTS FOR THE YEAR TO 31 MARCH 2023\nSustained growth in lending while navigating a challenging environment\nLendInvest plc (AIM: LINV; the \"Company\" or the \"Group\"), the UK's leading platform for mortgages, is pleased to announce its audited results for the year ended 31 March 2023.\n \nRod Lockhart, Chief Executive of LendInvest, commented:\n\"I am pleased with the progress we have made over the past 12 months, despite a challenging market environment. We have continued to grow Platform Assets under Management, build new funding relationships, introduce new products and make significant advancements in technology. Our ability to adapt to changing market dynamics has been evident through our product offerings and pricing strategies. Additionally, we have also focused on reducing our credit risk profile and enhancing our capital efficiency. \n \n\"Whilst the economic backdrop remains uncertain, we remain confident in the resilience of our business model and funding strategy, the increasingly capital-efficient nature of our lending and the long-term opportunities for our disruptive, differentiated offering.\"\n Summary Financials\n\n\n\n\nAudited\n\n\nYear to\n31 March 2023\n\n\nYear to\n31 March 2022\n\n\n \nChange\n\n\n\n\nPlatform Assets under Management (Platform AuM) (£m)1\n\n\n2,587.0\n\n\n2,146.1\n\n\n21%\n\n\n\n\nFunds under management (FuM) (£m)1\n\n\n3,605.9\n\n\n2,936.6\n\n\n23%\n\n\n\n\nNet operating income (£m)\n\n\n54.7\n\n\n50.5\n\n\n8%\n\n\n\n\nTotal operating expenses (£m)\n\n\n(40.4)\n\n\n(36.3)\n\n\n11%\n\n\n\n\nAdjusted EBITDA (£m)1\n\n\n14.3\n\n\n20.3\n\n\n(30)%\n\n\n\n\nProfit before tax (£m)\n\n\n14.3\n\n\n14.2\n\n\n1%\n\n\n\n\nProfit after tax (£m)\n\n\n11.4\n\n\n10.9\n\n\n5%\n\n\n\n\nDiluted earnings per share1\n\n\n8.0p\n\n\n8.0p\n\n\n-\n\n\n\n\n Full year dividend per share1\n\n\n4.5p\n\n\n4.4p\n\n\n2%\n\n\n\n\n1 Unaudited\n\nFinancial Highlights:\n● Platform AuM increased by 21% to £2.6 billion (2022: £2.1 billion), driven by a 21% increase in Buy-to-Let (\"BTL\") Platform AuM. \n● FuM increased by 23% to £3.6 billion (2022: £2.9 billion).\n● Net operating income increased by 8% to £54.7 million (2022: £50.5 million), reflecting the increa...