Increase in lending boosts Orchard Funding Group

Specialist insurance premium finance and the professions funding company Orchard Funding Group updated the market on its trading for the six months ended 31 January on Monday, with the board reporting that performance was in line with its expectations.

The AIM-traded firm said demand for funding had led to an increase in its lending over the equivalent half year in the 2017 financial year.

Its lending was ahead 10.41% year-on-year at £34.35m, while its loan book grew 11.31% to £28.93m.

“As a result of this increase in lending, interest income is expected to be higher than in the six months to 31 January 2017,” Orchard’s board said in its statement.

Orchard Funding Group was due to announce its interim results for the six-month period ended 31 January on 27 March.