Annual Financial Report

Released : 10 Apr 2017 14:55

RNS Number : 0959C
Non-Standard Finance PLC
10 April 2017
 

 

Non-Standard Finance plc

 

("NSF" or the "Company")

 

Annual Financial Report

 

 

In advance of the Company's Annual General Meeting ("AGM") the following documents have been posted or otherwise made available to shareholders:

 

1.   2016 Annual Report

2.   Notice of 2017 AGM

3.   Form of Proxy for the 2017 AGM

 

Each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM 

 

Documents are also available on the Company's website at: http://www.nonstandardfinance.com/investors and in hard copy to shareholders upon request to the Company Secretary, Non-Standard Finance plc, 2 St James's Street, London, SW1A 1EF.

 

The Company's AGM will take place at 11.00 am on Tuesday 9 May at the offices of Bell Pottinger, 6th Floor, 330 High Holborn, London, WC1V 7QD.

   

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For more information:

 

Non-Standard Finance plc

Peter Reynolds, Director, IR and Communications

 

+44 (0) 20 3869 9026

Bell Pottinger

Dan de Belder

Aarti Iyer

Molly Stewart

+44 (0) 20 3772 2500

 

About Non-Standard Finance

 

Non-Standard Finance plc was established to acquire and grow businesses in the UK's non-standard consumer finance sector. Under the direction of its highly experienced main board, the Company has now established a sustainable group of businesses offering credit to the c.12 million UK adults who are not served by mainstream financial institutions. In addition, the businesses acquired now have access to increased levels of funding and have benefited from stronger management controls with more rigorous credit standards; have refined their product pricing in a number of areas; have introduced new compliance protocols; and are investing in new IT infrastructure and systems. These changes have been implemented to balance the delivery of improved customer outcomes with the delivery of substantial returns for shareholders.

The Company announced on 7 July 2015 that it had entered into an agreement to acquire the Home Credit Division of S&U plc ('S&U') which trades as Loans at Home, for an enterprise value of £82.5m, payable in cash, subject to approval by S&U's shareholders and customary closing conditions. The acquisition completed on 4 August 2015 following approval by S&U's shareholders with the final consideration equalling £82.4m after an adjustment for net assets at completion.

On 4 December 2015 the Company announced that it had entered into an agreement to acquire Everyday Loans, the branch-based unsecured lending and guaranteed loans business of Secure Trust Bank PLC, for an enterprise value of £235m. The acquisition, that was funded through a combination of new equity and debt facilities completed on 13 April 2016, following change of control approval from the FCA.

In the year ended 31 December 2015, the Group's businesses generated pro forma revenue of approximately £80m and pro forma adjusted profit before tax of approximately £16m. As at 31 December 2015 the Group's businesses had a combined loan book of approximately £143m.

Each of the Group's operating subsidiaries is regulated by the FCA.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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