A preliminary announcement offull year results for 2018 showed that is significantly narrowed its loss and continues to buy and build in the UK non-standard finance sector. It offers credit to adults not served by mainstream financial institutions.
It reported that its total net loan book was up 29% to £310.3m, and narrowed its pre-tax loss to £1.6m compared to £13m in the year prior. It declared a final dividend of 2p per share (2017: 1.70p) bringing its total dividend for the year to 2.60p per share (2017: 2.20p), up 18%.
John van Kuffeler, Group Chief Executive Officer, said: “The fundamental drivers of our business remain robust: we are delivering strong loan book growth whilst maintaining tight control over impairment and have high risk-adjusted margins in all three business divisions.”
He added: “Having made a good start to the current year we remain confident in the full year outlook”
Shares in Non-Standard Finance ticked up 1% following the results release
The company stated that it is well-placed to achieve its future growth plans and deliver sustained earnings growth, after the completion of a “phase of particularly intense investment”.
It said it is still looking to buy Provident Financial Plc, even after its bigger rival rejected its unsolicited 1.3 billion pound takeover offer.
It believes that the acquisition would unlock substantial value, allowing it to capitalise on taking leading positions in the non-standard finance sector.
The company commented that macroeconomic and political uncertainty surrounding the possible implications of Brexit “remain significant”, but that it has not seen “any notable effect" on business to-date.
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