DF Capital’s (DFC) FY 2020 results came from a challenging period, but also one of major progress, and were predominantly in line with our expectations – albeit that the pre-tax loss was a touch better than our estimate.
Following the fundraising in January 2021, DFC is well-positioned for growth and has started FY 2021E strongly. Our unchanged estimates reflect the potential which the business has to grow its loan book substantially over the next three years, taking advantage of the underserved small business lending market in the UK.
Distribution Finance Capital Holdings plc (LON:DFCH) is UK specialist commercial lending and personal savings bank. From straightforward savings to practical finance solutions, our aim is to help customers manage and grow their business or savings. Founded as a specialist commercial lender in 2016, DF Capital was authorised as a bank in September 2020.