Business
LendInvest plc Full Year Financial Results FY24
LendInvest plc Full Year Financial Results FY24.
About this update from Lendinvest Plc
[{"type":"text","content":"\n\nLEI: 213800NWMK3O4UWP9N91\n24 July 2024\n LendInvest plc\nFULL YEAR RESULTS FOR THE YEAR TO 31 MARCH 2024\nContinued Innovation and Resilience Amid Market Challenges\nLendInvest plc (AIM: LINV; the \"Company\" or the \"Group\"), the UK's leading platform for mortgages, announces its audited results for the year ended 31 March 2024.\n \nRod Lockhart, Chief Executive of LendInvest, commented: \"Our strategic focus on technology, funding diversification and exceptional customer service has bolstered our resilience during what has undoubtedly been a challenging year, but also a year of important strategic transition. The successful launch of our Mortgages Portal is a testament to our innovative approach and commitment to delivering operational efficiency and growth. We remain confident in and focused on our target of returning to profitability during the current financial year.\n\n\"Our team's strategic initiatives have laid a strong foundation for future success, and I am particularly thankful for their dedication over the last 12 months.\"\n\n Summary Financials\n\n\n\n\nAudited\n\n\nYear to\n31 March 2024\n\n\nYear to\n31 March 2023\n\n\n \n \nChange\n\n\n\n\nPlatform Assets under Management (Platform AuM) (£m)1\n\n\n2,783.3\n\n\n2,587.0\n\n\n8%\n\n\n\n\nFunds under management (FuM) (£m)1\n\n\n4,127.3\n\n\n3,605.9\n\n\n14%\n\n\n\n\nNew Lending (£m)\n\n\n886.5\n\n\n994.8\n\n\n(11%)\n\n\n\n\nNet Fee Income (£m)\n\n\n15.9\n\n\n11.2\n\n\n42%\n\n\n\n\nNet operating income (£m)\n\n\n23.5\n\n\n54.7\n\n\n(57%)\n\n\n\n\nTotal operating expenses (£m)\n\n\n(50.8)\n\n\n(40.4)\n\n\n26%\n\n\n\n\nAdjusted EBITDA (£m)1\n\n\n(15.1)\n\n\n14.3\n\n\n(206%)\n\n\n\n\n(Loss)/Profit before tax (£m)\n\n\n(27.3)\n\n\n14.3\n\n\n(291%)\n\n\n\n\n(Loss)/Profit after tax (£m)\n\n\n(20.1)\n\n\n11.4\n\n\n(276%)\n\n\n\n\nDiluted earnings per share1\n\n\n(14.5)p\n\n\n8.0p\n\n\n(281%)\n\n\n\n\n Full year dividend per share1\n\n\n-\n\n\n4.5p\n\n\n-\n\n\n\n\n1 Unaudited\n\n\nFinancial Highlights\n● Platform AuM increased by 8% to £2.8 billion, driven by a 13% increase in Buy-to-Let (BTL) and short-term mortgages\n● FuM grew by 14% ...