Orchard Funding maintains dividend as annual profit and revenue rise

(Alliance News) - Orchard Funding Group PLC on Wednesday reported growth in its full-year profit and revenue and left its dividend unchanged.

The Luton, England-based professional fee funding provider said revenue jumped 27% to GBP7.9 million in the financial year ended July 31 from GBP6.2 million the year before and net total income grew 17% to GBP5.6 million from GBP4.8 million a year prior.

This resulted in an increase of 16% in pretax profit to GBP2.2 million from GBP1.9 million the year before.

Orchard declared a full-year dividend per share of 3.0 pence, unchanged from a year ago. This leaves the final dividend for the financial year the same year-on-year at 2.0p per share.

Looking ahead, Orchard said business continues to grow despite ongoing economic headwinds, and added that it will continue to maintain its dividend at 3p per share.

Shares in Orchard were up 1.3% at 38.00 pence each in London on Wednesday morning.

By Sabrina Penty, Alliance News reporter

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