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Distribution Finance Capital Holdings PLC on Wednesday said new lending in its third quarter has been strong, reconfirming its expectations for full-year results in line with forecasts. Distribution Finance is a provider of financing solutions for dealers and manufacturers in the UK. It said it has continued to see ‘strong momentum’ in new lending in its third-quarter to September 30, originating £352 million despite ‘normalising seasonality’ in the summer months. This represented a 24% increase year-on-year from £284 million. Year-to-date loan origination has reached around £1.1 billion, up 23% from £891 million in the nine months to September 30, 2023. Distribution Finance expects a closing loan book between £650 million and £700 million at the end of calendar 2024, and said that it anticipates full-year results in line with board expectations, which it did not specify. Chief Executive Officer Carl D’Ammassa said: ‘We are reassured by the predictability of our loan book performance now that the seasonality we’ve seen historically, and pre-pandemic, has normalised. We are now entering the period where dealers will look to re-stock following a period of strong summer sales, which should see our loan book grow as we head into the new year. ‘I continue to be excited by the opportunities ahead of us as we enter new sectors, finalise the launch of our hire purchase product which is expected to considerably increase our market opportunity, whilst also continuing to grow our market share in the sectors we currently support.’ Shares in Distribution Finance were down 1.0% at 30.20 pence each in London on Wednesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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