Â
Â
3 October 2023
Â
Distribution Finance Capital Holdings plc
("DF Capital" or the "Company" together with its subsidiaries the "Group")
Â
Â
Q3 trading update
Nine consecutive quarters of loan book growth
Â
Distribution Finance Capital Holdings plc, a specialist bank providing working capital solutions to dealers and manufacturers across the UK, announces its third quarter trading update to 30 September 2023.
The momentum seen throughout the year has continued over the summer months, with the Group's loan book exceeding seasonal expectations. At 30 September 2023, the Group's loan book reached almost £537m, up c22% since the year-end, achieving nine consecutive quarters of loan book growth.
New loan origination has remained strong at £284m (Q3 2022: £247m) for the quarter and closed up 30% at c£891m year-to-date (30 September 2022: £686m).
Stock turn continued to slow through the quarter to 156 days (6 months to 30 June 2022: 133 days), with average outstanding loan duration extending to 160 days from 145 days in Q2 2023, positively enhancing the Group's revenue generation.
The Group's loan portfolio has continued to perform significantly better than historical norms, with 33 dealers (30 June 2023: 29) or 2.8% (30 June 2023: 2.5%) of dealers with arrears of >1 day past due.
Â
Carl D'Ammassa, Chief Executive, commented: "Our loan book growth has continued at pace through the quarter, despite expected seasonality. As we now head into the re-stocking season, through the autumn and winter, we are pleased with the continued momentum in new loan origination. Accordingly, we expect the Group to continue to perform in line with the Board's expectations."
Â
For further information contact:
Distribution Finance Capital Holdings plc | |
Carl D'Ammassa - Chief Executive Officer | +44 (0) 161 413 3391 |
Kam Bansil - Head of Investor Relations | +44 (0) 7779 229508 |
| |
| |
Investec Bank plc (Nomad and Joint Broker) | Â Â +44 (0) 207 597 5970 |
David Anderson Bruce Garrow Harry Hargreaves Maria Gomez de Olea | |
| |
Liberum Capital Limited (Joint Broker) | Â Â +44 (0) 203 100 2000 |
Chris Clarke Lauren Kettle | |
Â
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.