Business
Annual Financial Report
Annual Financial Report.
About this update from Orchard Funding Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 1649Q\n Orchard Funding Group PLC\n 26 October 2021\n \n \n \n 26 October 2021\n \n Orchard Funding Group PLC\n \n \n (\"Orchard Funding Group\" or the \"company\" or the \"group\")\n \n \n Full Year Results\n \n For the 12 months ended 31 July 2021\n \n Orchard Funding Group PLC, the finance company which specialises in insurance premium finance and the professions funding market, is pleased to announce its audited full year results for the year ended 31 July 2021.\n \n \n \n \n \n \n Highlights\n \n · The impact of COVID-19 continued to affect all aspects of the business in 2020/2021 (lending, revenue and profit)\n \n · Gross total income in the period decreased by 12.88% to £4.60 million for the 12 months to 31 July 2021 (31 July 2020: £5.28 million)\n \n · The loan book increased by 9.41% year on year to £29.87 million\n \n · Profit after tax fell by 34.42% from £1.27 million (31 July 2020) to £0.84 million\n \n · Earnings Per Share (\"EPS\") fell in the period by 34.42% to 3.91p (31 July 2020: 5.96p)\n \n · The group lent £61.02 million to clients in the 12 months to 31 July 2020 a decrease of 6.88% (31 July 2020: £65.53 million)\n \n · Proposed full year dividend per share of 3.0 pence\n \n · Refinanced existing borrowings at a lower rate and increased the amount available at £20 million compared to £19 million in 2020, in addition to a new £7.5m facility\n \n Ravi Takhar, Chief Executive Officer of the company, stated:\n \"In another unprecedented year of global financial crisis, our business model has again proved resilient. We have successfully re-financed our bank facilities with Barclays Bank and Conister Bank. Our new funding partners Toyota Financial Services and NatWest provide us with a stable and flexible liquidity platform from which we can lend into the post Covid-19 market. We will continue to focus on our core markets of insurance and professions, while pursuing adjacent markets which can provide us with attractive and safe returns. We are confident that the market will eventually return to pre-Covid 19 levels and that our lending will continue to improve over that period.\"\n \n For further information, please contact:\n \n Orchard Funding Group PLC &nbs...