DF Capital plc – final results – strong performance ahead of initial expectations
Distribution Finance Capital Holdings plc, the specialist bank providing working capital solutions to dealers and manufacturers across the UK, today announces its audited results for the year ended 31 December 2024.
Highlights
2024 | 2023 | Change | |
Performance | |||
Loan Book (£m) | 666 | 581 | 15% |
New loans advanced to customers (£m) | 1,440 | 1,200 | 20% |
No of dealer customers | 1,334 | 1,182 | 13% |
Financial | |||
Gross Revenue (£m) | 76.8 | 60.4 | 27% |
Net Income (£m) | 45.6 | 38.0 | 20% |
Cost of Risk (bps) | (4) | 228 | (102%) |
Profit before tax (£m) | 19.1 | 4.6 | 317% |
Net Assets (£m) | 115.4 | 100.4 | 15% |
Basic earnings per share (pence) | 7.8 | 1.8 | 338% |
Tangible net asset value per share (pence) | 63.8 | 55.6 | 15% |
Strong financial performance, delivering profit before tax of £19.1m, including a £4.7m write back of a provision made in 2023, more than four times 2023 outturn | |
Strong growth in new loan origination of £1.44bn, up almost £250m on the prior year supporting a record year-end loan book of £666m, up 15% on 2023 | |
Net Interest Margin (“NIM”) increased by 30bps to 7.9%, well ahead of target | |
Strong credit risk performance with continued low number of arrears cases: 33 dealers (2023: 30), with arrears one day past due and in legal recovery, representing less than 3% of the Group’s entire dealer customer base | |
Retail deposits increased during the year by £75m to £650m with over 15,600 savings accounts | |
Tangible net asset value per share increased by 8.2p to 63.8p, up 15% on 2023. | |
Continued progress in diversifying the Group’s product set and end markets, ensuring further avenues for long-term growth without the need for a dilutive capital raise |
Carl D’Ammassa, chief executive, commented: “2024 was another year of significant progress for the Group, marking our third consecutive year of profit growth since our authorisation in 2020. This year, we have continued to scale the bank in our core inventory finance lending space, whilst also making investments in new products and services, bringing to life our ambitions to become a multi-product lender. I am incredibly proud of the team and the products we are bringing to life for our customers. We have an exciting journey ahead of us”
Analyst presentation
The Company will host an analyst webinar at 9am today relating to the results. Analysts wishing to join can register by emailing dfcapital@almastrategic.com.
Investor presentation
The Company will also provide a presentation to existing and potential shareholders via the Investor Meet Company platform at 2:30pm. Investors can register for the webinar here: https://www.investormeetcompany.com/distribution-finance-capital-holdings-plc/register-investor
A recording of the presentation will be made available on the Company’s website following the conclusion of the investor presentation.
Annual General Meeting
The Company will hold its Annual General Meeting on 4 June 2025 at the Company’s registered office in Manchester. The Notice of AGM and Form of Proxy will be posted to shareholders in due course and a copy will be available at www.dfcapital-investors.com.
The Group’s full Annual Report and Financial Statements have today been published and are available on its investor website at www.dfcapital-investors.com.