Lendinvest makes 'good progress' against strategic objectives in H2
By Iain Gilbert
Date: Thursday 18 Apr 2024
(Sharecast News) - Mortgage platform operator Lendinvest said on Thursday that it made "good progress" against its strategic objectives in the second half of the trading year.
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
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