Vector Capital PLC Half Year Trading Update and Loan Book Summary (2762G)
2023年7月18日 - 3:00PM
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TIDMVCAP
RNS Number : 2762G
Vector Capital PLC
18 July 2023
18 July 2023
Vector Capital Plc
("Vector Capital", the "Company" or the "Group")
Half Year Trading Update and Loan Book Summary
"Trading in line with expectations utilising Vector Capital's
strong capital base"
Vector Capital Plc (AIM: VCAP), a commercial lending group that
offers secured loans to property developers and investors in
England & Wales, is pleased to provide a half-year trading
update for the period ended 30 June 2023 and a loan book summary as
at the same date.
Trading update
As indicated in our 2022 Annual Report, 2023 is a year of
consolidation where the Company plans to strengthen its position in
a lending market which continues to be impacted by increasing
interest rates, soft property prices and persistent inflation.
Vector Capital's strong capital base, with share capital and
reserves as at 31 December 2022 of GBP25.1m, representing 55.4
pence per share, together with competitively priced borrowings of
GBP4m advanced from its parent, Vector Holdings Limited, means that
the Company is very well placed to withstand these challenging
market conditions. This financial stability is reinforced by the
Company's excellent relationships with its introducer broker
network and the continued appetite to provide funding from its
wholesale and specialist lender contacts. Overall, the Board is
pleased to announce that at the half year the Company is trading in
line with market expectations.
Given market conditions, the Company remains cautious in
assessing new lending opportunities. However, new business enquiry
levels and the pipeline remain strong, despite higher interest
rates impacting borrower affordability. Redemptions continue to be
applied in new customer advances on a regular basis.
Loan book summary
As summarised below, the Company's loan book at 30 June 2023 was
GBP49.0m, reflecting aggregate planned redemptions of GBP11.8m and
new loans advanced of GBP7.6m during the six-month period. The
overall average loan to value at the period end was 58.3%.
As at 30/06/23 As at 31/03/23 As at 31/12/22
Loan book GBP49.0m GBP48.4m GBP53.2m
Number of live
loans 103 102 107
Average loan size GBP476,000 GBP475,000 GBP499,000
Average loan to
value 58.3% 57.1% 59.0%
The Company announced on 12(th) June that its wholesale bank
debt providers increased debt facilities by GBP5.0m, bringing the
total wholesale bank facilities available to GBP45.0m. Furthermore,
that within these facilities, the Group now has the capacity to
drawdown GBP2.5m toward loans secured by second charges, allowing
the flexibility for cautious and selective expansion of the Group's
loan book into higher margin loan agreements. The Group has
substantial unutilised bank facilities that can be accessed when
opportune.
Agam Jain, CEO of Vector Capital, commented: "We are very
pleased with the Group's trading performance in the first six
months of the year, further details of which will be presented in
the interim results in the first week of September. Our strong
capital base differentiates us from many of our competitors, while
the extension and broadening of our debt facilities provides
valuable flexibility in the way that we can assess new lending
opportunities. High interest rates are now likely to be with us for
a continued period, during which time we can seek to maximise
return on our own capital and, on a selective basis, borrowed funds
from our debt providers."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
For further information please contact:
Vector Capital plc c/o IFC Advisory
Robin Stevens (Chairman)
Agam Jain ( CEO)
WH Ireland Limited 020 7220 1666
Hugh Morgan, Chris Hardie, Darshan Patel
IFC Advisory Limited 020 3934 6630
Graham Herring, Florence Chandler, Zach Cohen
About Vector Capital:
Vector Capital provides secured, business-to-business loans to
SMEs based in England and Wales. Loans are typically secured by a
first legal charge against real estate. The Company's customers
typically borrow for general working capital purposes, bridging
ahead of refinancing, land development and property acquisition.
The loans provided by the Company are typically for renewable
12-month terms with fixed interest rates.
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July 18, 2023 02:00 ET (06:00 GMT)
Vector Capital (LSE:VCAP)
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から 10 2024 まで 11 2024
Vector Capital (LSE:VCAP)
過去 株価チャート
から 11 2023 まで 11 2024