LONDON (Alliance News) - Orchard Funding Group PLC on Wednesday said it expects its annual earnings to come in sharply higher year-on-year as its loan book grew during the period.
The insurance company said its loan book rose 8.9% in the six months to the end of July to GBP31.0 million from GBP28.4 million reported a year earlier, while lending volume rose by 8.5% to GBP68.7 million from GBP63.4 million.
Orchard Funding said it now expects revenue and pretax profit to came in significantly higher than the year prior. For the same period in 2017, the company reported pretax profit of GBP710,000 on revenue of GBP1.4 million.
"I am very pleased with Orchard's performance during the year," said Chief Executive Ravi Takhar.
"We move into our new financial year with great confidence and fully expect to continue our growth trajectory," added Takhar.
Orchard Funding said it will publish its full-year results on November 13.
The stock was untraded on Wednesday, last quoted at 97.50 pence per share.
Orchard Funding (ORCH)