StockMarketWire.com - Non-Standard Finance chairman John van Kuffeler makes the following statement at the company's AGM today:

"The first quarter of 2016 at Non-Standard Finance plc was dominated by two features:

"Our home credit business, Loansathome4u, achieved strong loan growth as compared to the first quarter last year together with slightly improved collections quality and is consequently trading marginally ahead of plan.

"We are currently awaiting Change of Control Permission from the FCA to complete the acquisition of Everyday Loans, which includes Trusttwo, from Secure Trust Bank. This is expected to take place in April.

"In the meantime, the business is performing in line with our expectations and achieved a year end loan book of GBP114m, an increase of 26% on the comparable figure of GBP91m at 31 December 2014. Adjusted operating profits for the year to 31 December 2015 equalled GBP17m compared to £15.5m in 2014.

"Completion of the acquisition will result in us having established credible business platforms in our three target areas of home credit, branch-based lending and guaranteed loans which, combined with our central costs, would together have delivered historical operating profits of some GBP20m. We will measure future profit growth against this benchmark.

"Thus having established the foundations upon which to grow the Group, we are confident of achieving our objective of growing loan books in our three operating businesses by 20% in 2016 while maintaining our current revenue yield, operating margins and conservative approach to underwriting risk."




At 11:06am: [LON:NSF] Nonstandard Finance Plc Ord Gbp0.05 share price was +0.5p at 72.5p



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