Urban Exposure plc (UEX)
31 December 2019
THIS ANNOUCEMENT INCLUDES INSIDE INFORMATION
Urban Exposure Plc
("Urban Exposure" or the "Company")
Year-End Trading Update
Urban Exposure announces it has completed new committed lending of £498m during the year ending 31 December 2019 and therefore has now committed in excess of £1bn of new lending since admission to AIM in May 2018. A further £268m of loans are in the advanced stages of execution and are expected to close in Q1 2020, having been delayed from closing in Q4 2019 principally due to the impact of political and economic uncertainty. Due to the drawdown profile of these loans the impact of this delay on 2019 revenue is expected to be negligible. The Company is pleased to have continued to complete loans with an excellent risk profile to highly experienced borrowers in diverse geographic locations across the UK including Manchester, Luton, Derby, Glasgow and Wembley. Furthermore, the Company has a strong additional pipeline of loans going into 2020 of c.£686m.
It is expected that operating costs for 2019 will be lower than previously anticipated principally due to reduced staff costs arising from both lower variable remuneration costs and hiring fewer people than previously budgeted.
Going forward, the Company expects to reduce its operating cost base to c.£9.5m for 2020 which will support the profitability of the business in FY 2020.
Further to the announcement on 15 November 2019, the Board is continuing to review a number of different proposals with regards to the Company and will update the market in due course.
- END -
|EQS News ID:||945037|
|End of Announcement||EQS News Service|