Orchard Funding Group PLC - Luton, England-based supplier of funding support to insurance brokers and professional firms - Celebrates "revenue growth through increased lending" as trading so far this year "has been positive within the insurance premium finance market". Adds that it now expects earnings to "exceed current market guidance by over 20%" thanks to "a disciplined approach to its growth enabling the group to maintain income against a backdrop of higher interest rates".
Chief Executive Officer Ravi Takhar comments: "We continue to focus on the controlled and conservative growth of our business and...to strengthen our lending in our core insurance premium finance market as well as our lending in adjacent markets.
"We are optimistic that our ability to lend, develop and operate our own software and our loyal and experienced staff will continue to deliver positive results to the company and all its stakeholders."
Current stock price: 33.00 pence, up 18% in London late on Tuesday morning
12-month change: down 22%
By Emma Curzon, Alliance News reporter
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Orchard Funding (ORCH)