Update on Aggregate Loan Book
Vector Capital plc
("Vector", the "Company" or the "Group")
Update on Aggregate Loan Book
Vector Capital plc (AIM: VCAP), the commercial lending group that offers secured loans to property developers and investors in England & Wales, is pleased to provide the following update on the Group's aggregate loan book as at 31 December 2022.
The Group's aggregate loan book as at 31 December 2022 was £53.4 million, a 15.4% increase as compared to the end of the previous year of £46.3 million. This increase reflects the Group's continuing strong progress, despite the well-publicised challenging market conditions, and is built upon the increase in the debt finance facilities provided during the year by our wholesale lenders. The number of loans also increased from 79 to 107 during the year, representing a net increase of 35.4%, and, in line with the Group's communicated future strategy, a consequent and intended reduction in the average loan value from £586,000 to £499,000 as at 31 December 2022.
Agam Jain, CEO of Vector commented: "We are delighted to provide an update on the 15.4% annual increase in our aggregate loan book value at 31 December 2022, consistent with the continuing demand for loan finance generated from within our chosen market. This increase highlights the resilience of our business model as we continue to grow the business despite the uncertain conditions. We look forward to updating the market with the Group's full results in due course."
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries
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Vector Capital plc |
020 8191 7615 |
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Robin Stevens (Chairman) |
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Agam Jain (CEO) |
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WH Ireland Limited |
020 7220 1666 |
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Chris Hardie, Megan Liddell |
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IFC Advisory Limited |
020 3934 6630 |
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Graham Herring, Florence Chandler, Zach Cohen |
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Notes to Editors
Vector Capital Plc provides secured, business-to-business loans to SMEs based principally in England and Wales. Loans are typically secured by a first legal charge against real estate. The Group's customers typically borrow for general working capital purposes, bridging ahead of refinancing, land development and property acquisition. The loans provided by the Group are typically for renewable 12-month terms with fixed interest rates.
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