TIDMNSF

Non-Standard Finance PLC

13 March 2017

Hardman Research: Branching Out Invest Accelerated

Branching Out Investment accelerated: NSF is accelerating the investment in its branch network, doubling the rate of new office openings 2017/2018 compared with previous expectations. We believe the company's plans to staff these offices by experienced managers are credible. In home collect (HCC) NSF now has a model to fully exploit the opportunity from the market leader's re-focus. 19% of Trusttwo new loans in December were from intra-group referrals, up from zero in June. Our estimates have been cut to reflect investment and a more measured risk appetite in HCC through 2018. We believe there is significant opportunity from switching PFG agents and will review forecasts once the scale of the transfers is clearer.

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http://hardmanandco.com/docs/default-source/company-docs/non-standard-finance/nsf-13th-march-2017.pdf

 
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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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March 13, 2017 06:42 ET (10:42 GMT)

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