Business
Final Results for the year ended 31 December 2022
Final Results for the year ended 31 December 2022.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \n \n The information contained within this announcement is deemed 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. The person responsible for making this announcement on behalf of the Company is Rory Mepham.\n \n \n \n \n \n 31 March 2023\n \n \n \n \n \n \n \n \n \n \n \n \n Sancus Lending Group Limited\n \n \n \n \n (\"Sancus\", the \"Company\" or \"Group\")\n \n \n \n \n \n \n \n \n \n Final Results for the year ended 31 December 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n \n Rory Mepham, Chief Executive Officer of Sancus Lending Group Limited, commented:\n \n \n \n \n \n \n \n \n \"After\n 18 months in my post as CEO, the turnaround of the business is on track and we are confident of our ability to deliver profitability. The business has undergone considerable restructuring and simplification during my tenure and we continue to be exclusively focussed on residential property lending in the development and bridging space, a market which remains underserved and offers significant growth possibilities.\n \n \n \n \n \n During the year, we have carried out various cost optimisation projects in an effort to ensure that every pound of cost incurred is geared towards delivering growth. We remain convinced that technological enablement holds one of the keys to our future and are pleased with both the progress that has been made to date and the further enhancements in the pipeline. The robustness of our credit process, institutional quality of our underwriting, due diligence and active loan management means that despite recent inflationary and interest rate pressures we report only a small increase of 3.14% (£0.4m) increase to our previously reported IFRS9 provisions, all of which relate to loans written in 2019 or before.\n \n \n \n \n \n I am excited by the potential in the teams that we have assembled in the UK, Ireland and Offshore and believe that we have the basis from which to become \"best in class\" in each of these markets.\n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n ·\n Group revenue increased by 11% to £10.0m FY22 (FY21: £9.0m);\n \n \n ·\n Operating losses narr...