Earnings are in line with consensus £13.4m adj. PBT, albeit a little behind our upper end estimate. Organic growth continued despite headwinds; attrition was lower. Proactive measures have been taken to improve income quality, increasing fixed fees to target <7.5% income contribution from interest. +2-6% net organic growth is the goal, alongside complementary investment. We trim our earnings forecasts by 6-7% on FSCS Levy and PI cost pressures. We do not consider the 15x cal’21 PER demanding giv ....
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Finals: strong performance in a challenging year
- Published:
07 Apr 2021 -
Author:
Andrew Watson | James Bayliss -
Pages:
3
Earnings are in line with consensus £13.4m adj. PBT, albeit a little behind our upper end estimate. Organic growth continued despite headwinds; attrition was lower. Proactive measures have been taken to improve income quality, increasing fixed fees to target <7.5% income contribution from interest. +2-6% net organic growth is the goal, alongside complementary investment. We trim our earnings forecasts by 6-7% on FSCS Levy and PI cost pressures. We do not consider the 15x cal’21 PER demanding giv ....