- Niche lender Distribution Finance Capital reported that annual losses jumped as a higher interest expense and increased bad loan provisions offset a rise in revenue.

For the year ended 31 December 2019, pre-tax losses widened 85% to £13.5m, while gross revenue was up 144% to £12.7m on-year.

The company recorded interest expense of £8.2m, up from £3.5m on-year.

The impairment charges and provisions for the period reached £1.6m, up from £0.12m.

'The impact of COVID-19 has resulted in significant economic uncertainty and, as previously announced, slowed strategic progress and lending book growth to June 2020,' the company said.

The company said it would deliver a further update in the autumn, by which time the outcome of the group's current bank licence application was 'expected to be known, and also there may be greater clarity on the impact of COVID-19 given the expected and ongoing easing of lockdown restrictions.'

At 9:37am: [LON:DFCH] share price was 0p at 40p

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