REG - Lendinvest PLC LendInvest PLC-LINV - Update on FY24 guidance

LendinvestAnnouncement

17/06/2024 07:15

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RNS Number : 5972S  Lendinvest PLC  17 June 2024

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 31(st) 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.

 

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