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Distribution Finance Capital Holdings PLC shares edged higher on Tuesday, after it reported higher annual revenue and profit. Shares in the Manchester, England-based specialist bank were up 5.8% to 23.80 pence each in London on Tuesday afternoon. In 2023, revenue more than doubled to £60.4 million from £26.8 million a year earlier. Pretax profit surged to £4.6 million from £1.3 million. The company’s loan book surged 32% to £581 million from £439 million. Looking ahead to 2024, Distribution Finance Capital expects financial performance for the full year to be in line with expectations, targeting a year end loan book in the range of £650 million to £700 million. Chief Executive Carl D’Ammassa commented: ‘We are delighted to have delivered another year of significant financial momentum and sustainable profitable growth, culminating in more than a threefold increase in profit. 2023 has been a year of significant progress for us.’ ‘We have started 2024 well and see opportunities for further growth in our core lending product as well as new product adjacencies. Becoming a multi-product lender underpins our strategy to scale the bank and achieve mid-to-high teen returns over the medium term.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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