TIDMNSF

Non-Standard Finance PLC

11 August 2017

Hardman Research: H117 Delivering growth options

H117 Delivering multiple growth options - NSF's H117 results give greater visibility on further franchise and profit growth. The branch network has opened 8 branches already this year (now 49). The home collect business recruited 229 experienced agents in H117 (and a further 124 in July, up 25% on end 2016). The guarantor business has been quadrupled by acquisition, offering broader products and distribution. The group has also locked in funding for six years thus reducing financing risk in uncertain times. We expect profits from the franchise growth to more than offset further investment and higher funding costs. Our 2018e earnings estimates have been increased by 3%.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/non-standard-finance/11.08.17-h117-delivering-multiple-growth-options.pdf

 
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About Hardman & Co: For the past 20 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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August 11, 2017 08:13 ET (12:13 GMT)

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