Ed Rimmer (CEO) & James Robers (CFO) discuss their H1 2026 results which showed:

Financial Highlights:
· Own-Book New Business Origination up 48% to £62.6m (H1 2024/25: £42.2m)
· Gross lending book up 12% to a record £235.3m at 30 November 2025 (30 November 2024: £209.4m)
· Revenue up 4% to £18.8m (H1 2024/25: £18.1m)
· Profit before Tax ("PBT") up 10% to £4.3m (H1 2024/25: £3.9m)
· PBT margin improved by 1% to 23% (H1 2024/25: 22%)
· Earnings Per Share ("EPS") up 7% to 3.47 pence per share (H1 2024/25: 3.24 pence per share)
· Net Assets up 9% to £75.0m at 30 November 2025 (30 November 2024: £69.0m)
· Net Tangible Assets up 14% to £47.2m at 30 November 2025 (30 November 2024: £41.5m)
· Net deals in arrears fell to 4.5% of the gross lending book at 30 November 2025 (30 November 2024: 5.3%)
· Net Bad Debt Write-Offs fell to 1.0% of the average gross lending book at 30 November 2025 (30 November 2024: 1.2%)
· Unearned income up 13% to £29.6m at 30 November 2025 (30 November 2024: £26.1m), providing strong visibility of future earnings
· Secured Lending now makes up 87% of the total lending book, up from 77% at 30 November 2024
· Own-Book Origination accounted for 98% of all new deals written in the period (30 November 2024: 97%)

Outlook
Continued positive trading momentum throughout December 2025 underpins significant Board confidence that trading for the current financial year ending 31 May 2026 will be at least in line with market expectations.

NOTHING IN THIS PODCAST SHOULD BE REGARDED AS INVESTMENT ADVICE IT IS FOR INFORMATION PURPOSES ONLY.