- Insurance financing specialist Orchard Funding posted a lower annual profit after the Covid-19 crisis hit lending volumes.

Pre-tax profit for the year through July decreased to £1.56 million, down from £2.02 million year-on-year.

The company's loan book shrank 15% to £27.30 million.

Even so, Orchard Funding declared a full-year dividend of 3p per share, unchanged from a year earlier.

'In an unprecedented year of global pandemic, our business model has again proved resilient,' chief executive Ravi Takhar said.

'We have still delivered growth in NAV in the year and the development of our own IT system continues to give direct benefit to the business and enable us to test adjacent markets to increase our lending in those areas.'

At 8:01am: [LON:ORCH] Orchard Funding Group Plc share price was +0.7p at 48.5p

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