StockMarketWire.com - Residential development financier Urban Exposure posted a first-half loss, as it continued to build its loan book.

Pre-tax losses for the six months through June amounted to £0.3m, compared to losses of £1.6m on-year.

Revenue was revenue of £5.3m, up from zero on-year. The company was incorporated on 10 August, 2018.

It declared an interim dividend of 1.67p per share.

'In line with our strategy, we continue to focus on the 'ramp up' of our assets under management and loan book and have invested significantly in our team to support this phase,' chief executive Randeesh Sandhu said.

'While current market sentiment remains subdued, the underlying demand for development finance has continued unabated and we have a strong progressed loan pipeline of over £1bn.'

'As the business enters into the traditionally busier second half of its calendar year, we therefore remain confident of meeting market expectations.'

Story provided by StockMarketWire.com