Orchard Funding Group PLC - Luton, England-based professional fee funding and insurance premium funding - Subsidiary Bexhill UK Ltd has completed a new banking facility with Toyota Financial Services PLC. The facility totals GBP20 million. Notes this replaces a previous facility with Barclays Bank PLC. Bexhill provides insurance premium funding to UK insurance brokers.
Orchard Funding's revenue was GBP2.3 million for the six months up to January 31, down 19% compared to GBP2.9 million in the same period a year before, while pretax profit slipped by 39% year on year to GBP610,000 from GBP1 million. In March, the company said that it had maintained facilities with two banks including a GBP17 million facility with Barclays Bank and a GBP2 million facility with Conister Bank Ltd.
Current stock price: 59.00 pence, up 1.7% on Wednesday
Year-to-date change: up 2.6%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Orchard Funding (ORCH)