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GLI Finance more than halves losses amid lower costs, strong lending growth

By BFN News | 09:45 AM | Tuesday 07 April, 2020

Financial services company GLI Finance said it had more than halved its losses amid lower costs and strong performances in its lending businesses. For the year ended 31 December 2019, pre-tax losses narrowed to £9.7m from 22.9m on-year, while revenue fell to £13.1m from £13.2m on-year. 'The lending businesses that comprise Sancus are strong, well managed, and have the ability to deliver a very attractive return on capital,' the company said. 'We have taken a further material write-down on the FinTech Ventures portfolio. The FinTech sector continues to grow strongly, but increased competition is making it difficult for smaller players, particularly those that are loss making, to raise further equity. Several of our platforms are looking to raise equity over the next 12 months, and given the material write-downs incurred, we believe there is upside potential if these raises are successful,' it added. The company said it remained focussed on deleveraging its balance sheet and becoming a capital efficient business, which it 'expects to translate into improved profitability and ROTA in 2020 and beyond albeit we are acutely aware 2020 will have its challenges which undoubtedly will arise as a consequence of Covid-19.' At 9:45am: (LON:GLIF) GLI Finance Ltd share price was +0.05p at 3.5p Story provided by

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