Distribution Finance Cap. Hldgs PLC Progressive publishes new research
09 Julio 2021 - 1:51AM
RNS Non-Regulatory
TIDMDFCH
Distribution Finance Cap. Hldgs PLC
09 July 2021
Significant loan origination to continue
DF Capital's (DFC) recent Q2 trading update reported that the Group saw very strong new business
originations over the quarter while arrears levels remained favourable. Dealer loan facilities
were also at a robust level. Market dynamics which reflected record sales for many of DFC's
customers also included an accelerated stock turn and subsequent delays to stock replenishment.
The nub of this environment is that DFC's loan book reduced to GBP166m by the end of Q2 from
GBP193m at the end of Q1. As manufacturers work through delivery delays, DFC expects to see
'significant' loan origination during H2. Management also reiterates its expectation of achieving
monthly run-rate profitability during Q4 of FY 2021E. We adjust estimates to reflect the pattern
of growth in the loan book which mainly affects FY 2021E and FY 2022E through lower anticipated
average loan books during those years. Our FY 2023E numbers are substantially unchanged. Meanwhile,
the outlook is one based on a supportive market backdrop with significant lending opportunities
for DFC.
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(END) Dow Jones Newswires
July 09, 2021 02:51 ET (06:51 GMT)
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