- GLI Finance posts losses of £6.9m for the six months to the end of June compared with a profit of £5.3m a year ago impacted by £13m write downs in investments in underperforming or liquidated platforms following a strategic review.

The group is organised into three pillars to improve operational focus:

- Pillar One: Sancus BMS Group - on a pro forma like for like basis, increased consolidated revenues from GBP2.7 million in H1 2015 to GBP4.0 million in H1 2016. The period was notable for the consolidation of the Sancus group and its amalgamation with BMS and Platform Black to establish our speciality lending business. We anticipate that the combined business will provide strong cash flows for the Group

- Pillar Two: Valuations in our prioritised platforms, The Credit Junction, LiftForward, Funding Options and Finexkap increased by GBP5.5m in aggregate. Investments in underperforming or liquidated platforms were written down by GBP13m. We have been very prudent in reorganising this portfolio and we fully expect to see value of this portfolio build materially in future periods

- Pillar Three: Amberton Asset Management - remains de minimus and we expect to make progress on this pillar in the next 12-18 months

At 9:31am:

[LON:GLIF] GLI Finance Ltd share price was -0.12p at 23.88p

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