Hardman & Co Research
Hardman & Co Research: Non-Standard Finance Plc (NSF): FY'19 solid; outlook -
broad range of outcomes
13-Jul-2020 / 11:15 GMT/BST
Hardman & Co Research: FY'19 solid; outlook - broad range of outcomes
Key takeaways from NSF's results and presentation were: i) solid underlying
2019 with normalised operating profits up 20% and lower impairments to
revenue; ii) GBP60m cash now - April and May cash-generative; and iii) current
collections 86% of pre-lockdown levels. NSF is a going concern and is
considering an equity raise to help fund additional growth. Downside includes:
i) statutory loss with further goodwill impairments; ii) material uncertainty
arising from COVID-19 effects and so possibly its going-concern status; and
iii) operating performance improvement needed for further securitisation-line
drawings (waiver extended on 29 June).
Please click on the link below for the full report:
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1092117 13-Jul-2020
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(END) Dow Jones Newswires
July 13, 2020 06:15 ET (10:15 GMT)
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