StockMarketWire.com - Subprime lender Non-Standard Finance booked a first-half loss after its revenue slumped by more than a quarter, though it said its performance was better than it had expected.

Pre-tax losses for the six months through June amounted to £7.5 million, compared to year-on-year losses of £102.7 million.

Revenue fell 26% to £67.8 million and the company did not declare an interim dividend.

'The group's performance in the first half was better than expected and current trading is also encouraging,' Non-Standard Finance said.

The company added that it was continuing its discussions with Britain's Financial Conduct Authority regarding a redress programme for guarantor loans customers at an estimated cost of £16.9 million.

Independent regulatory reviews of both branch-based lending and home credit were ongoing.

'As soon as we are able to resolve the group's outstanding regulatory issues, we are focused on executing a substantial capital raise of around £80 million that will be used to both fund the payment of redress as well as strengthen significantly the group's balance sheet, underpinning our return to profitable growth,' chief executive Jono Gillespie said.


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