LendInvest Downgrades Profit Expectations for Fiscal 2024

by webmaster

LendInvest, the nonbank mortgage lender, has experienced a 13% decline in shares following the announcement that its performance in the first four months of fiscal 2024 has fallen short of expectations. As a result, the company now anticipates that its full-year pretax profit will be significantly lower than market expectations.

At 0940 GMT, LendInvest shares were down 6.5 pence to 44.0 pence.

Despite a challenging market environment characterized by potential interest rate hikes, declining house prices, and decreased mortgage approvals, the company remains confident in the strength of its core business fundamentals. However, it expects to miss market expectations for the year ending March 31.

While specific figures for fiscal 2024 market expectations were not provided, FactSet’s current forecast estimates a pretax profit of approximately £14.7 million ($18.6 million). In fiscal 2023, LendInvest reported a pretax profit of GBP14.3 million.

To address these challenges and capitalize on future opportunities, LendInvest plans to reduce balance sheet exposures and seeks to increase lending capacity for its LendInvest Capital division by raising new funds near the end of fiscal 2024.

Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >
Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >

Related Articles

Leave a Comment

51 − 49 =