Orchard Funding sees jump in profit

(Sharecast News) - Orchard Funding Group reported a jump in profit for the 18 months ended 31 January on Thursday, after changing its accounting reference date to align the year-end across the group. The AIM-traded insurance premium finance and professions funding specialist said lending volumes were £182.77m, up 6.2% on an annualised 12-month basis, while net total income rose to £12.68m from £6.89m, an annualised increase of 22.8%.

Profit before tax increased to £6.59m from £2.12m, while basic earnings per share rose to 23.11p from 7.39p.

The group paid interim and special dividends totalling 3p per share during the period and proposed a final dividend of 1p.

Chief executive Ravi Takhar said Orchard had delivered "a strong set of results for an 18-month period that has reshaped our business", adding that the group was "optimistic and excited about the prospects for the business going forward".

At 1050 BST, shares in Orchard Funding Group were up 4.24% at 59.94p.

Reporting by Josh White for Sharecast.com.

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