Wellesley Group Investors Limited, has today announce the highlights from its audited results for the year ended 31st December 2016. The Annual Report and Accounts are set to be published in the coming days.
The key financial Highlights in the report are:
- Loan book growth of 10% to £163.6m (2015: £148.7m)
- Total new loan borrower facilities of £123.5m issued and total of £118.6m drawn down from all facilities during the period.
- Total income increased 30% to £11.8m (2015: £9.1m)
- H2 profit before tax of £1.3m (H1 £1.5m loss)
- Improved performance resulting in a full-year loss down to £210,288 (2015: £2.2m loss)
- Net Asset Value increase of £2.4m to £1.5m at the end of 2016 (2015: negative NAV of £0.9m)
- Raised more than £100m of new peer-to-peer and bond investment and acquired 2,000 new customers.
The Group is pleased to announce the improvement in the company’s consolidated group financial performance during 2016 which positions it well to make the right decisions about future growth. Whilst the Group, and the industry, remain in a period of transition, it continues to ensure its credit decisions and loan management are robust and stringent, and the business is well positioned to cover expected losses in its loan book.
In the year, the Group made improvements to the overall control environment resulting from the appointment of Stephen Bell as Chief Risk Officer. Additionally, Peter Stott was appointed as Non-Executive Director. Peter had previously been a Managing Director and Senior Adviser with Greenhill & Co for 10 years; and, before that, a Managing Director and Co-Head of UK Investment Banking with Morgan Stanley for 17 years.
David Godfrey, Chairman of the Group, commented:
“I am pleased to see the progress which the management team has made in the past year in an industry which is in a period of transition. We returned to profit in the second-half of the year, a trend we expect to continue through the first half of 2017, and management is developing a strong platform on which to build Wellesley’s future growth and long-term success.
Wellesley’s business model proved attractive to investors and enabled us to lend more than £100m to developers, supporting the creation of 822 mid-priced homes across the country, taking the total since the firm’s inception above 2,000. I am proud that the business is helping to address the UK’s housing shortages and this type of social value creation will remain at the core of our business.”
The Annual Report and Accounts will be filed at Companies House in the coming days and will be available on the Wellesley website once they are publicly available.