Orchard Funding Trades In Line With Board Expectations In First Half

LONDON (Alliance News) - Orchard Funding Group PLC said Monday that it traded in line with its board's expectations during the first half of the financial year.

The finance company, which specialises in insurance premium finance and the professional fee funding market, said that demand for funding led to an increase in its lending over the equivalent half year in 2016.

Lending grew by 10% to GBP34.4 million as of January 31 from GBP31.1 million on January 31, 2017, as a result of which interest income is expected to be higher than in the comparable period.

Orchard's loan book increased by 11% to GBP28.9 million from GBP26.0 million a year before.

Orchard shares were untraded at 100.52 pence per share on Monday.