Collection levels 'robust', says Non-Standard Finance

Non-Standard Finance insisted on Thursday that collection levels remain "robust", despite the coronavirus outbreak, as it delayed publication of its full-year results.

The subprime lender, who operates the George Banco, Everyday Loans and Loans at Home brands, was due to announce results for the year to 31 December 2019 on 28 April.

But on Thursday, the Leeds-based firm said it was now delaying publication until mid-May, “to provide the group and its auditors with additional time to collate data on the current trading performance as well as any changes to the external environment, so that it can provide a more informed view regarding future prospects and outlook”.

It reiterated that the numbers were likely to be in line with expectations.

NSF has halted most lending since the outbreak, with volumes now limited to smaller sized loans only for key workers who are existing customers.

Updating investors on collections, NSF said: “Despite the challenging circumstances, our collections performance has been robust.” It said that April collections at Everyday Loans and at its guarantor loans division were both around 90% of the comparative pre-lockdown levels in March.

At Loans at Home, where collections are traditionally made face-to-face, the adoption of remote payment options meant collections were running at around 75% of the expected level, however.

The Financial Conduct Authority, Financial Reporting Council and the Bank of England have said listed companies can delay publishing results by up to two months, to allow remote-working auditors adequate time to sign off accounts.

As at 1330 BST, share in NSF were ahead 19% at 11.90p.