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LendInvest PLC - London-based non-bank mortgage lender - Shares rise as its subsidiary LendInvest BTL Ltd completes the £5 million sale of its non-risk retention residual interest in the Mortimer BTL 2023-1 PLC securitisation. Says the transaction will result in a reduction in gross loans and advances of around £392 million, alongside a net pretax gain of around £12.1 million for its financial year ending March 31. In financial 2023, pretax profit ticked up to £14.3 million from £14.2 million the year before. In the first half of its financial 2024, LendInvest swung to a pretax loss of £15.1 million from a profit of £14.8 million a year earlier.
Chief Executive Officer Rod Lockhart says: ‘We are delighted to have successfully completed this sale, which will strengthen our balance sheet, and underlines our focus on returning the business to profitability.’
Current stock price: 29.00 pence, up 7.4%
12-month change: down 63%
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