- Residential development finance provider Urban Exposure said it posted a £3.1m pre-tax loss its its maiden earnings announcement as revenue levels disappointed.

Revenue recognition was lower than expected, due to the draw-down profile of the of the company's originated loan book being more protracted, Urban Exposure said.

'This was, in turn, due to higher than anticipated levels of developer equity being contributed to the loans, and a resultant increase in loan book quality,' it added.

The company was incorporated on 10 April and reported the figures for the period up to 30 September.

Revenue was £0.6m and it declared an interim dividend of 0.83p per share.

As at 30 September, the company had written £168.4m of new loans and secured £150m of external funding via a partnership agreement with KKR.

'The group has a strong balance sheet supported by both a healthy pipeline of lending opportunities and a number of significant potential co-funding relationships that are at an advanced stage of progression,' Urban Exposure said.

'Looking forward we are optimistic for the group's growth prospects.'

'We have formed a solid foundation from which we expect to generate significant shareholder value in the coming months and years.'

At 8:32am: [LON:UEX] Urban Exposure Plc Ord Gbp0.01 share price was 0p at 76p

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