Vector Capital loan book grows 9.8pc in first quarter
Vector Capital said in an update on Tuesday that its loan book grew by £4.5m, or 9.8%, in the three months ended 31 March, with the number of live loans increasing to 89 from 79.
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The AIM-traded firm said that, despite “challenging” economic conditions amid rising inflation and higher interest rates, as well as an “uncertain” geopolitical situation in Europe, current trading had been in line with market expectations.
It was continuing to expand and develop its loan book, maximise shareholder returns and further establish its place in the market segment.
The group said it was continuing to “widen and deepen” its relationships with its broker network to identify suitable lending opportunities, and was maintaining a regular dialogue with providers of wholesale funding to maintain the financing flexibility required to help the business grow.
“We have traded strongly in the first quarter, and our pipeline of new loan opportunities remains strong despite increasing competition in the market and the general uncertain economic climate,” said chief executive officer Agam Jain.
“The proven strength and resilience of the loan management systems that we utilise underpins our ability to grow.
“The group remains well placed to benefit from these opportunities to increase market share and grow revenue and we remain on track to establish ourselves as the lender of choice in our market segment.
“The board is confident that the group is well placed to achieve continued success and we view the future with confidence and optimism.”
At 0828 BST, shares in Vector Capital were up 4.6% at 50p.
Reporting by Josh White at Sharecast.com.