AIM-listed property lender LendInvest saw its share price rise by more than five per cent this morning, after better-than-expected interim results revealed revenue growth of 28 per cent.
In the six months ending 30 September 2021, the value of LendInvest’s assets under management (AuM) grew by 32 per cent year-on-year to reach £1.8bn. Funds under management grew by 40 per cent year-on-year, to £2.9bn.
Platform revenue was up by 28 per cent to £72.4m, and gross profits increased by 51 per cent to £26.5m. This reflects the higher fees being charged by the platform, as well as interest income generated as a result of the increase in AuM.
In a statement to shareholders, the platform said that the strong interim performance “supports our ongoing confidence in meeting expectations for the full year.”
However, the company added that it expects profits to be skewed towards the first half of the year due to the £100m upsize of the J.P. Morgan separate account. This was predicted to have generated a profit before tax of £1.6m.
“While we remain mindful of the competitive landscape and uncertain economic environment, we are very excited about the opportunities ahead,” said Rod Lockhart, chief executive of LendInvest.
LendInvest went public on the AIM market of the London Stock Exchange in July 2021, with an initial share price of 197.50p.
Following the interim results announcement, shares rose from 195.85p at market close yesterday, to 204p this morning.