DJ Hardman & Co Research: Non-Standard Finance Plc (NSF): 1H'20 results:
Hardman & Co Research
Hardman & Co Research: Non-Standard Finance Plc (NSF): 1H'20 results:
05-Nov-2020 / 12:05 GMT/BST
Hardman & Co Research: 1H'20 results:
NSF's 1H'20 results reflected the pain from COVID-19, with i) less volume,
ii) changes to business models, and iii) higher impairment, including an
increased weighting of a severe macro downside, increasing IFRS9 cyclical
impairment charges. Despite these pressures, both the branch (ELD) and home
collect (HCC) businesses were profitable. A young customer demographic meant
the guarantor loan division (GLD) was most impacted, with COVID-19 effects
compounded by the recent FCA review in 2H'20. NSF is a going concern
(end-September cash GBP70m), and the largest shareholder appears supportive of
an equity raise post the FCA review.
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1145863 05-Nov-2020
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(END) Dow Jones Newswires
November 05, 2020 07:05 ET (12:05 GMT)
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