Full Year 2024 Lendinvest PLC Earnings Call Transcript
Key Points
- LendInvest PLC (STU:82H) has launched a fully integrated mortgage portal, enhancing broker and customer experience and increasing cross-selling opportunities.
- The company secured diversified funding sources, including a GBP300 million syndicate with BNP Paribas, HSBC, and Barclays.
- LendInvest PLC (STU:82H) raised GBP700 million across two separate account mandates and extended its relationship with National Australia Bank.
- The company successfully refinanced GBP42.5 million of strategic mezzanine financing facility.
- LendInvest PLC (STU:82H) achieved 14% year-on-year growth in funds under management and 26% growth in short-term mortgage AUM.
- LendInvest PLC (STU:82H) recorded a full-year pre-tax loss of GBP27 million and a post-tax loss of GBP20 million.
- The company faced exceptional restructuring costs of GBP2.7 million and an increase in impairment charges by 42%.
- Net interest income substantially reduced due to a GBP3.7 million unrealized loss on hedge accounting in the second half of the year.
- The company experienced a 50% year-on-year contraction in both buy-to-let purchases and buy-to-let remortgages.
- Due to negative reserves, LendInvest PLC (STU:82H) will not declare a dividend for the period.
Good day, ladies and gentlemen, and welcome to Lendinvest PLC full year results 2024. The presentation will commence shortly. (Operator Instructions) Please note this call is being live streamed to webcast for a wider audience and will be recorded. By participating in the Zoom webinar you're agreeing that recordings made during this event may be shared by Lendinvest PLC. (Operator Instructions) I would now like to hand over to Rod Lockhart, CEO to open the presentation.
Thank you. Good morning, and thanks for your time today and the opportunity to present our full year results for the 12 months ending March 31, 2024. I'm joined this morning by Hugo Davies, our Chief Capital Officer and Interim CFO. You met Hugo when we presented our half year results. We're also joined this morning by Stephen Shipley, our Finance Director, who joined the business in January.
We were delighted to announce this morning that Stephen will assume the role of permanent CFO with immediate effect. Stephen
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