This growth reflects progress in Sancus’ UK and Irish businesses.

At the year-end the group had pro-forma loans under management of £208m, an increase of 23% (31st  December 2022: £169m).

The increase reflects growth in Sancus’ Irish loan book, which grew strongly from £21m to £32m as at 31st December 2023 and also the pro-forma impact of the JV the group announced with Hawk Lending Limited in Jersey on 5th December 2023.

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The group’s UK loan book was broadly flat at £63m (31st December 2022: £65.9m).

The company now currently estimates that it will report an operating loss of between £9.5m to £10.0m for the year ended 31st December 2023 (2022: £4.7m).

This primarily reflects the estimated impact of anticipated IFRS9 write-downs on legacy loans written prior to the current senior management team joining the business.

The board remains committed to returning the group to profitability and is confident in the strategic actions it is taking to achieve this. 

One of these strategic actions includes ensuring that the group maintains sufficient financial strength and liquidity in order that it can execute its strategy.