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EQS-News News vom 09.08.2018

Hardman & Co Research: Non-Standard Finance (NSF): 1H'18 results: jam today, more tomorrow

Hardman & Co Research

09-Aug-2018 / 11:55 GMT/BST

Hardman & Co: 1H'18 results: jam today, more tomorrow

NSF invested heavily in 2016 to 1H'18, deferring the delivery of greater bottom-line profits. The 1H'18 results delivered tangible payback on this investment, with normalised operating profits up 79% (statutory operating profit moved from a loss of £1.1m to a profit of £7.0m). Pre-tax profits were held back by the group locking in long-term, more expensive, funding (finance costs £9.6m vs. £3.1m) but, as these funds are deployed, pre-tax profits are expected to rise. We reviewed Everyday Loans (EL) in "A heart of gold". We believe the re-pricing and volume opportunities that NSF have in a downturn provide it with counter-cyclicality.

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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the world with high-quality research, investor engagement programmes and advisory services.

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