TIDMLIV2 TIDMLIV1
RNS Number : 5704Q
LendInvest Secured Income
19 June 2020
The following amendment has been made to the 'Audited Financial
Statements (Consolidated)' announcement released on 19.06.20 at
18:15 under RNS No 5686Q.
Link added to LendInvest's Annual Report.
All other details remain unchanged.
The full amended text is shown below.
The information contained herein may only be released, published
or distributed in the United Kingdom, the Isle of Man, Jersey and
the Bailiwick of Guernsey in accordance with applicable regulatory
requirements. The information contained herein is not for release,
publication or distribution in or into the United States,
Australia, Canada, Japan, South Africa, the Republic of Ireland or
in any other jurisdiction where it is unlawful to distribute this
document.
SEE "IMPORTANT INFORMATION" BELOW
19 June 2020
LENDINVEST SECURED INCOME PLC
AUDITED FINANCIAL STATEMENTS OF ITS PARENT, LENDINVEST
LIMITED
LendInvest Limited ("LendInvest"), the ultimate holding company
of LendInvest Secured Income plc (the "Company"), the platform for
property finance, has published its audited financial statements
for the twelve months to 31 March 2020.
The Company has delivered those audited financial statements to
U.S. Bank Trustees Limited, as trustee of the GBP500,000,000 Euro
Medium Term Note Programme of the Company.
Rod Lockhart, Chief Executive Officer of LendInvest,
commented:
"The LendInvest team has accomplished a huge amount over the
past year. From becoming the first UK Fintech to securitise its own
assets with a GBP259 million oversubscribed transaction last
summer, then completing our second securitisation just nine months
later during a global pandemic; to making our break into the home
owner mortgage market with the launch of our first regulated
product, it has been another year of milestones for LendInvest.
"Despite the undoubtedly challenging couple of months we have
all endured, stepping into the role of CEO this year as the
business has continued to scale; investing in innovation and
throughout it all, maintaining a consistent EBITDA for the sixth
year running, has shown me we certainly have reason to be
optimistic for the year ahead ."
Financial Highlights
Year ended 31 March
GBP million (unaudited) FY 20 FY 19 % change
------------ ---------- ---------
Platform revenue
([1]) GBP108.4 GBP72.7 49%
------------ ---------- ---------
Gross profit GBP30.3 GBP26.5 14%
------------ ---------- ---------
Platform adjusted
EBITDA ([2]) GBP4.1 GBP4.3 (5%)
------------ ---------- ---------
Platform assets ([3]) GBP1,256.7 GBP788.3 59%
------------ ---------- ---------
Business highlights:
- Became the UK's first Fintech to securitise its own assets
with a GBP259 million securitisation transaction of its buy-to-let
portfolio
- Secured GBP200 million of funding from National Australia Bank for its buy-to-let loans
- Launched its first home owner product, the Regulated Bridge
- Expanded buy-to-let offering into Scotland
- Rod Lockhart is promoted to CEO, as former CEO Christian Faes
moves into a newly created Executive Chairman position
- Completed the second securitisation of its buy-to-let
portfolio for GBP285m. The transaction was oversubscribed, achieved
at enhanced pricing to the first securitisation in June 2019 and
completed during the Covid-19 lockdown in the UK
Highlights - LendInvest Secured Income plc:
- Weighted average interest coverage ratio of 174% and 147% on
series 1 and series 2, respectively
- Weighted average LTV of 68% and 67% on series 1 and series 2, respectively
- 36% and 40% located in London in series 1 and series 2, respectively
- 100% and 100% first charge loans in series 1 and series 2, respectively
- Total assets (loans plus cash) of GBP60.5m and GBP59.5m for
series 1 and series 2, respectively
To review LendInvest's Annual Report for the year ending 31
March 2020, please visit:
https://lendinvest-staticfiles.s3.amazonaws.com/web/public-pdfs/LendInvest-Consolidated-Financial-Results-June2020.pdf
For further information, please contact:
Leigh Rimmer
leigh@lendinvest.com
+44 (0)203 846 6817
IMPORTANT INFORMATION
This announcement is released by LendInvest Limited and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), encompassing information relating
to the bond programme mentioned above. For the purposes of MAR and
Article 2 of Commission Implementing Regulation (EU) 2016/1055,
this announcement is made by Rod Lockhart, CEO for LendInvest
Limited.
The distribution of this announcement and other information in
connection with any offer in certain jurisdictions may be
restricted by law and persons who come into possession of this
announcement or any document or other information referred to
herein should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any
jurisdiction.
This document contains statements that are, or may be deemed to
be, 'forward-looking statements' with respect to the financial
condition, results of operations and business of the Company or of
LendInvest Limited (or its group) and certain of the plans and
objectives of the Company, LendInvest Limited and its group with
respect to these items. Forward-looking statements are sometimes,
but not always, identified by their use of a date in the future or
such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will',
'would', 'should', 'expects', 'believes', 'intends', 'plans',
'projects', 'potential', 'reasonably possible', 'targets', 'goal',
'estimates' or words with a similar meaning, and, in each case,
their negative or other variations or comparable terminology. Any
forward-looking statements in this document are based on the
current expectations of the Company, LendInvest Limited and its
group (as applicable) and, by their very nature, forward-looking
statements are inherently unpredictable, speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance and no assurances can be given that the forward-looking
statements in this document will be realised. There are a number of
factors, many of which are beyond the control of the Company,
LendInvest Limited and its group, that could cause actual results,
performance and developments to differ materially from those
expressed or implied by these forward-looking statements. These
factors include, but are not limited to: the Risk Factors disclosed
in the Company's Base Prospectus dated 19 OctoberJuly 2017 (which
have not been updated since the date of its publication); changes
in the economies and markets in which the group operates; changes
in the regulatory and competition frameworks in which the group
operates; the impact of legal or other proceedings against or which
affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements made in this
document or made subsequently, which are attributable to the
Company, LendInvest Limited or any other member of the group or
persons acting on their behalf are expressly qualified in their
entirety by the factors referred to above. No assurances can be
given that the forward-looking statements in this document will be
realised. This document speaks as at the date of publication. Save
as required by applicable laws and regulations, none of the
Company, LendInvest Limited or any member of its group intends to
update any forward-looking statements and does not undertake any
obligation to do so. Past performance of securities of the Company
cannot be relied upon as a guide to the future performance of
securities of the Company. Nothing in this document should be
regarded as a profits forecast.
This announcement does not constitute or form part of any offer
or invitation to sell, or any solicitation of any offer to purchase
any securities.
([1]) Platform revenue represents unaudited gross management
accounts revenue
([2]) Platform adjusted EBITDA represents unaudited gross
management accounts EBITDA
([3]) Platform assets represent unaudited gross management
accounts loans and advances
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACSSFFESUESSESM
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