Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Orchard Funding Group PLC - Luton, England-based professional fee funding provider - Posts revenue of £3.8 million for the six months ended on January 31, up 30% from £2.9 million the year before. Pretax profit rises by 25% to £1.3 million from £1.0 million, as operating profit increases to £1.2 million from £998,000 the year before. Net total income increases to £2.9 million from £2.3 million. Declares an interim dividend of 1.0p per share, unchanged from a year prior. Looking ahead, it remains cautiously optimistic as the economic outlook shows ‘signs of improvement’.
Chief Executive Officer Ravi Takhar says: ‘We have started the first half of the year positively and ahead of our original projections. Whilst our income continues to grow as a result of increased lending, our costs of borrowing are increasing significantly as a result of bank base rate increases.’
Current stock price: 42.73 pence each, up 8.2% on Thursday around noon in London
12-month change: down 20%
Copyright 2023 Alliance News Ltd. All Rights Reserved.