- Orchard Funding Group increased its revenues by 6.19% to £5.5m for the 12 months to 31 July 2019. This compared to £5.2m in the period to 31 July 2018.

The company grew its loan book by 3.84% year on year to £32.1m, while profit after tax rose from £1.51m to £1.63m – an increase of 7.95%. Orchard lent £73m to clients in the period, up by 6.2% compared to 2018.

Orchard also announced that it planned to apply for a banking licence, having shelved this idea in favour of acquiring an existing authorised bank. After due diligence, the company said it had restarted the licence application.

Ravi Takhar, CEO, said: "We have delivered growth in profits and NAV year on year since our flotation in 2015. 'We have developed and implemented our own IT system to give direct benefit to the business and enable us to test adjacent markets to increase our lending in those areas. "We believe we are well placed to obtain a banking licence, which will significantly enhance our ability to grow in the future.'

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