Urban Exposure plc (UEX)
Urban Exposure plc: Year-End Trading Update
31-Dec-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
31 December 2019
THIS ANNOUCEMENT INCLUDES INSIDE INFORMATION
Urban Exposure Plc
("Urban Exposure" or the "Company")
Year-End Trading Update
Urban Exposure announces it has completed new committed lending of GBP498m
during the year ending 31 December 2019 and therefore has now committed in
excess of GBP1bn of new lending since admission to AIM in May 2018. A further
GBP268m of loans are in the advanced stages of execution and are expected to
close in Q1 2020, having been delayed from closing in Q4 2019 principally
due to the impact of political and economic uncertainty. Due to the drawdown
profile of these loans the impact of this delay on 2019 revenue is expected
to be negligible. The Company is pleased to have continued to complete loans
with an excellent risk profile to highly experienced borrowers in diverse
geographic locations across the UK including Manchester, Luton, Derby,
Glasgow and Wembley. Furthermore, the Company has a strong additional
pipeline of loans going into 2020 of c.GBP686m.
It is expected that operating costs for 2019 will be lower than previously
anticipated principally due to reduced staff costs arising from both lower
variable remuneration costs and hiring fewer people than previously
budgeted.
Going forward, the Company expects to reduce its operating cost base to
c.GBP9.5m for 2020 which will support the profitability of the business in FY
2020.
Further to the announcement on 15 November 2019, the Board is continuing to
review a number of different proposals with regards to the Company and will
update the market in due course.
Enquiries:
Urban Exposure Plc +44 (0) 207 408 0022
Randeesh Sandhu, CEO
Sam Dobbyn, CFO
Jefferies International Limited ( +44 (0) 20 7548 4576
Financial Adviser and Joint Corporate
Broker)
Rishi Bhuchar
Ed Matthews
James Thomlinson
Liberum Capital Limited (Nominated Adviser +44 (0) 20 3100 2222
and Joint Corporate Broker)
Neil Patel
Gillian Martin
MHP Communications (Financial Public +44 (0) 20 3128 8100
Relations)
Charlie Barker
Patrick Hanrahan
Sophia Samaras
- END -
ISIN: GB00BFNSQ303
Category Code: MSCM
TIDM: UEX
LEI Code: 213800Q7WLHGIHUFBT43
Sequence No.: 37984
EQS News ID: 945037
End of Announcement EQS News Service
(END) Dow Jones Newswires
December 31, 2019 02:00 ET (07:00 GMT)
