Peer-to-peer lending platform Relendex made a profit of £322,998 last year, marking its second consecutive year in the black.
Last year, the property lender reported a profit of £135,760.
Since the platform was founded in 2013, it has narrowed its cumulative losses to just over £5.4m, down from almost £5.8m last year.
“This is the second year in a row that we have made a post-tax profit and we are proud of this achievement in the face of difficult global market conditions,” said Paul Sonabend, executive chairman at Relendex.
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“Relendex is well capitalised, and growing at a pace that is sustainable. The current year has started well.
£The directors are prioritising building the company’s reputation for reliability of service and consistency of returns to our investors, over the short-term growth in profitability.”
During the 12 months ending 31 January 2022, Relendex recorded net assets of £3,089,141 – up from £2,251,143 the previous year.
According to documents published on Companies House, the company has £206,548 in cash at bank and in hand, down from £1.08m last year.
The financial report also confirmed that the company has £1.5m of unsecured convertible loan notes due for redemption on 2 October 2022. It stated that until this date, the noteholders have the right to convert the loan notes into fully paid B shares at the conversion price of £1.275 per share.
Between 31 January 2021 and 31 January 2022, £500,000 of loan notes were converted to equity.