Business
Final Results for the Year Ended 31 December 2020
Final Results for the Year Ended 31 December 2020.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 0868U\n GLI Finance Limited\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n \n \n \n \n \n \n The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.\n \n \n \n \n \n GLI Finance Limited\n \n \n \n \n \n (\"GLI\", \"the Group\" or \"the Company\")\n \n \n \n \n \n Final Results for the Year Ended 31 December 2020\n \n \n GLI Finance (AIM: GLIF) announces its audited final results for the year ended 31 December 2020.\n \n \n Andy Whelan, Chief Executive Officer of GLI Finance Limited, commented:\n \n \n \n \n \n \"The Covid-19 pandemic negatively impacted our performance for the majority of 2020, contributing to an operating loss of £5.5m (2019: loss £0.6m) of which £4.7m related to an adjustment to our expected credit loss provision. We have taken a cautious view of our loan exposure as although we have not seen any losses materialise we are mindful of the pressures created by Covid-19. We also took a material write-down on the FinTech Ventures portfolio with a total net write down of £6m for the full year (2019: £7.5m).\"\n \n \n \n \n \n \"As announced on 4 December 2020 in conjunction with Somerston Fintech Limited the Company's largest shareholder, we were delighted to report that we had completed a successful fund raise and debt restructuring of the Group. This has ensured the Company is appropriately capitalised to maximise shareholder value as we come out of the pandemic and was a fantastic result amidst what has been a very turbulent time for us all. I would like to thank all shareholders for their continued support during this time\".\n \n \n \n \n \n Group Highlights\n \n \n \n \n \n · \n Group revenue for the year was £10.9m (2019: £13.1m) partly due to the runoff of the BMS UK Fund and on balance sheet loans, and lower transaction revenue from the impact of Covid-19;\n \n \n · \n Group operating loss for the year was £5.5m (2019: £0.6m loss) with an increase in IFRS 9 adjustments of £4.7m as we factor in expected future impact on loan recoveries;\n \n \n · \n Group retained loss for the year was £14.5m (2019: £9.9m loss) which has been im...