Urban Exposure plc: Year-End Trading Update

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  [phone] 
 
                      Randeesh Sandhu, CEO 
 
                           Sam Dobbyn, CFO 
         Jefferies International Limited (  [phone] 
     Financial Adviser and Joint Corporate 
                                   Broker) 
 
                             Rishi Bhuchar 
 
                               Ed Matthews 
 
                          James Thomlinson 
Liberum Capital Limited (Nominated Adviser  [phone] 
               and Joint Corporate Broker) 
 
                                Neil Patel 
 
                            Gillian Martin 
      MHP Communications (Financial Public  [phone] 
                                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)