Lendinvest makes 'good progress' against strategic objectives in H2

Lendinvest said platform assets under management had increased by 7.6% year-on-year to £2.78bn, and by 3.3% in H2, driven by growth across all key products in its mortgages division, while funds under management grew 14.5% year-on-year to £4.12bn.

The AIM-listed group also highlighted that it had launched its "proprietary next-gen Mortgages Portal", which consolidates the management of Residential, buy-to-let, and short-term mortgages into a "single user-friendly mortgage platform", driving cost efficiencies through increased automation in operations. As a result, headcount cost run rate was reduced by 25%, whilst also maintaining operating and origination capacity.

Looking forward, Lendinvest expects full-year results to be in line with market expectations concerning both net operating income and pre-tax profits and remains "cautiously optimistic" of returning to profitability during FY25.

Chief executive Rod Lockhart said: "Throughout the year, despite the broader challenges, we've continued to make progress against our long-term strategic goals. Our adaptability in response to dynamic market conditions and commitment to our customers are underscored by our ongoing product innovation and the evolution of our proprietary next-gen technology.

"There are also encouraging signs in the broader market landscape, and our achievement of a record number of buy-to-Let offers in February reflects the robust demand and confidence in our product offerings and service. As we move forward, our sights are firmly set on bolstering these efforts, with a clear focus on driving towards our goal of returning to profitability during FY25."

As of 1055 BST, Lendinvest shares were up 4.39% at 26.62p.

Reporting by Iain Gilbert at Sharecast.com