LONDON (ShareCast) - (ShareCast News) - Insurance premium finance-focussed finance group Orchard Funding Group announced its unaudited results for the six months to 31 January on Thursday, with the board reporting it lent £31.1m for the period.
The AIM-traded firm said that, on a like-for-like basis, an extra £7.5m of lending occurred - a 31.7% improvement on the six months to 31 January 2016.

Group turnover increased by 29.2% to £2.1m in the period, from £1.6m in the same period a year earlier.

Group profit before tax was £0.8m, up by 15.5%.

Barclays Bank increased the amount of funding available to the group to £15m from £10m during the period.

The board recommended an interim dividend of 1 penny per share, which it said reflected its decision to adopt a policy of giving greater weight to the final dividend.

"The benefits of raising capital from our flotation are just starting to show in our numbers," said chief executive Ravi Takhar.

"We are lending more and making more profits for the benefit of all our stakeholders.

"Our improved capital base has also enabled us to increase our leverage, which is still at very conservative levels."

Takhar said the board was confident that the company will continue to increase its lending going forward, and would be able to fund that growth with its existing capital base and existing leverage.

"Our capital base and historic track record has also significantly improved our ability to raise further leverage in the future.

"It's a great time to be in our business and we are all very excited about the future."

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