THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION
LEI: 213800NWMK3O4UWP9N91
17
June 2024
LendInvest
plc
Update on FY24
guidance
LendInvest plc (AIM: LINV)
("LendInvest" or the "Company") announces that it has identified
adjustments that will be made to its previously expected Net
Operating Income ("NOI") and Profit Before Tax ("PBT") for FY
2024.
Background
On 5 January 2024, LendInvest
announced that the sale of its residual economic interest in the
Mortimer BTL 2023-1 plc securitisation (the "Sale"), would generate
a net gain of approximately £12.1 million before tax.
The Company has now identified an
isolated issue with the accounting advice concerning the Sale. The
issue relates to Swap and Hedge Accounting assumptions that include
mark-to-market adjustments and Fair Value Hedge Accounting applied
as part of the derecognition calculation.
FY
2024 Impact
On the basis of the Company's revised derecognition calculation in
respect of the Sale, the Company advises the market to reduce
expectations for NOI and PBT for FY 2024 by disregarding the
previously expected net gain of £12.1 million.
These adjustments have no impact on the Company's current cash
position.
Outlook
Guidance for FY 2025 remains
unchanged with respect to the Company's expectation of returning to
profitability during the financial year. Full year results for the
twelve months ending 31st March 2024 and an update on
our strategy will be announced in July 2024.
Enquiries:
LendInvest via
Teneo
+44 (0)20 7353 4200
Rod Lockhart, Chief Executive
Officer
Hugo Davies, Chief Capital Officer
& Interim CFO
Leigh Rimmer, Director of
Communications
investorrelations@lendinvest.com
Panmure Gordon (NOMAD and
Broker)
+44
(0)20 7886 2500
Atholl Tweedie
David Watkins
Teneo (Financial
PR)
+44 (0)20 7353 4200
Tom Murray
Ed Cropley
Olivia Lucas
Important Notice
The information contained within
this announcement is deemed by LendInvest to constitute inside
information as stipulated under the UK Market Abuse Regulation. By
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain. The person responsible for arranging for the release
of this announcement on behalf of LendInvest is Rod
Lockhart.
Forward-looking statements
Certain statements in this
announcement are forward-looking statements. In some cases, these
forward looking statements can be identified by the use of forward
looking terminology including the terms "anticipate", "believe",
"intend", "estimate", "expect", "may", "will", "seek", "continue",
"aim", "target", "projected", "plan", "goal", "achieve" and words
of similar meaning or in each case, their negative, or other
variations or comparable terminology. Forward-looking statements
are based on current expectations and assumptions and are subject
to a number of known and unknown risks, uncertainties and other
important factors that could cause results or events to differ
materially from what is expressed or implied by those statements.
Many factors may cause actual results, performance or achievements
of LendInvest to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Important factors that could cause
actual results, performance or achievements of LendInvest to differ
materially from the expectations of LendInvest, include, among
other things, general business and economic conditions globally,
industry trends, competition, changes in government and changes in
regulation and policy, changes in its business strategy, political
and economic uncertainty and other factors. As such, undue reliance
should not be placed on forward-looking statements. Any
forward-looking statement is based on information available to
LendInvest as of the date of the statement. All written or oral
forward-looking statements attributable to LendInvest are qualified
by this caution. Other than in accordance with legal and regulatory
obligations, LendInvest undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be regarded as a profit forecast.