Non-Standard Finance PLC Notification of results and trading update (8682B)
15 June 2021 - 4:00PM
UK Regulatory
TIDMNSF
RNS Number : 8682B
Non-Standard Finance PLC
15 June 2021
Non-Standard Finance plc
('NSF' or the 'Group')
15 June 2021
Notice of publication of 2020 full year results and trading
update
The Board of NSF announces that it will publish the results for
the year ended 31 December 2020 on 30 June 2021.
The Board continues with the detailed work for a substantial
equity capital raise which is expected to be in the region of
GBP80m and is likely to be in the form of a placing and open offer,
supported by our largest shareholder. This equity raise is
dependent on reaching a conclusion to the discussions with the FCA
regarding the proposed redress methodology for certain customers of
the Group's Guarantor Loans Division. The Group is also undertaking
a detailed exercise to determine whether there is any read across
from this work to the Group's other divisions and also whether
there are any implications from recent decisions at the Financial
Ombudsman Service. Until this is complete, there can be no
certainty as to the outcome, but the Board is currently planning
for the capital raise to take place in the third quarter of
2021.
Since the trading update on 23 February 2021, the Group has seen
a steady build of month-on-month growth in lending at branch-based
lending and home credit which, combined with historically low rates
of impairment, has meant that net receivables at both businesses
are now returning to growth. In guarantor loans, net receivables
have more than halved since their peak in March 2020 as a result of
minimal lending, good collections and the write-off of
COVID-impaired customer balances in the 2020 financial year.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) No. 596/2014. The person
responsible for arranging the release of this announcement on
behalf of Non-Standard Finance plc is Peter Reynolds, Director of
IR and Communications.
Non-Standard Finance plc
Peter Reynolds, Director, IR and Communications +44 (0) 20 3869 9020
Maitland/AMO
Finlay Donaldson +44 (0) 20 7379 5151
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END
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