Vector Capital plc (LON:VCAP), the commercial lending group that offers secured loans to property developers and investors in England & Wales, has provided an update on trading for the year ended 31 December 2023.
The Group has delivered a resilient operational performance, despite the ongoing uncertain market conditions in the UK, where certain borrowers continue to be impacted by high interest rates, and where residential property values generally remain depressed. A strong pipeline of good quality opportunities during the year has resulted in a buoyant loan book performance described below. Subject to completion of the 2023 audit, revenue for the year is expected to be above market expectation at not less than £5.7 million. Although this represents a small decrease on the revenue of £5.9 million achieved in 2022, this is a very pleasing performance given the Board’s necessarily cautious approach to lending during the year.
