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Investment Evolution Credit PLC on Tuesday noted pretax loss of £246,546 in its first annual report since admission to trading last December.
The London-based fintech consortium, specialising in online loans, said full-year revenue was £224,910. Back in June, Investment Evolution moved their financial year end to June 30 from May 31.
Full-year administrative expenses were £603,534 and loss per share was 2.00 pence. Investment Evolution shares last traded at 12.50 pence each on October 31 in London.
Total liabilities were £294,627 at June 30, the company said, while total assets were £281,519. Existing assets and liabilities involved ‘minimal risk’, Investment Evolution added, with the directors considering their carry value reasonably equal to fair value.
Given its limited operating history, success is contingent on future opportunities, the firm said, and the directors’ capacity to capitalise on them.
This follows a December 17 announcement that Investment Evolution had appointed new Chair John Phillip de Blocs van Kueffler, and Chief Executive Officer and Director Marc Howells.
The same announcement noted the company would no longer offer its bond product, and would shift focus to institutional debt funding. Investment Evolution is in talks with a debt provider for US and UK funding, it said, with proposed new board members expected to bring significant funding contact networks.
‘The group is prioritising acquiring existing UK lenders with Financial Conduct Authority licenses instead of pursuing its own application,’ the company said.
‘This aims for a quicker entry into the UK market. Further, post-acquisition of a UK FCA-licensed lender, the group plans to grow its loan book through further acquisitions and organic lending in both the UK and US.’
Investment Evolution will seek more lending licenses in high-margin US states such as Georgia, California and Nevada. US partnerships and licensing deals are another option for increasing revenue, the company added.
Artificial intelligence is expected to be a key area for mergers, joint ventures and operational optimisation.
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